Vietnamese Exchange Rate Calculator
Get real-time exchange rates between Vietnamese Dong (VND) and major foreign currencies with our accurate calculator.
Comprehensive Guide to Vietnamese Exchange Rates (2024)
The Vietnamese Dong (VND) is the official currency of Vietnam, managed by the State Bank of Vietnam. Understanding exchange rates is crucial for travelers, expatriates, and businesses operating in Vietnam. This guide provides everything you need to know about Vietnamese exchange rates, including historical trends, factors affecting the Dong’s value, and practical tips for getting the best rates.
Current Exchange Rate Overview (2024)
As of 2024, the Vietnamese Dong maintains its position as one of the world’s least valued currencies by nominal value, with exchange rates typically ranging:
- 1 USD ≈ 24,500 – 25,500 VND
- 1 EUR ≈ 26,500 – 28,000 VND
- 1 GBP ≈ 31,000 – 32,500 VND
- 1 AUD ≈ 16,000 – 17,000 VND
- 1 SGD ≈ 18,000 – 19,000 VND
Note: These are approximate ranges. For precise calculations, use our calculator above which fetches real-time data.
Historical Exchange Rate Trends
| Year | USD to VND (Avg) | EUR to VND (Avg) | Inflation Rate (%) |
|---|---|---|---|
| 2020 | 23,150 | 27,200 | 3.2% |
| 2021 | 22,750 | 26,800 | 2.1% |
| 2022 | 23,800 | 25,100 | 3.5% |
| 2023 | 24,300 | 26,200 | 4.0% |
| 2024 (Q1) | 24,850 | 27,000 | 3.8% |
The Vietnamese Dong has experienced gradual devaluation against the US Dollar over the past decade, reflecting Vietnam’s economic growth and inflation rates. The State Bank of Vietnam maintains a managed float regime, allowing the Dong to fluctuate within a controlled band.
Factors Influencing Vietnamese Exchange Rates
- Economic Growth: Vietnam’s consistent GDP growth (6-7% annually) attracts foreign investment, affecting currency demand.
- Trade Balance: Vietnam typically runs a trade surplus, which supports the Dong’s value.
- Foreign Direct Investment (FDI): High FDI inflows (over $36 billion in 2023) increase demand for VND.
- Inflation Rates: Vietnam maintains relatively low inflation compared to regional peers.
- US Federal Reserve Policy: USD strength significantly impacts VND value due to Vietnam’s export-dependent economy.
- Tourism: Pre-pandemic tourism (18 million visitors in 2019) created substantial FX demand.
- Remittances: Over $14 billion in remittances annually (mostly from overseas Vietnamese) supports VND.
Where to Exchange Currency in Vietnam
Visitors to Vietnam have several options for currency exchange:
| Location | Pros | Cons | Typical Rate |
|---|---|---|---|
| Airport Exchange | Convenient upon arrival | Poor rates, high fees | 2-5% worse than market |
| Banks | Secure, reliable | Limited hours, paperwork | 0.5-1% from market |
| Jewelry Stores | Best rates in cities | Risk of counterfeit | Market rate or better |
| Hotels | Convenient for guests | Poor rates | 3-7% worse than market |
| ATMs | 24/7 access, good rates | Withdrawal fees (50,000-100,000 VND) | 1-2% from market |
Pro Tip: For best rates in Hanoi or Ho Chi Minh City, visit reputable jewelry shops in the Old Quarter or District 1. Always count your money carefully and check for counterfeit notes (especially 500,000 VND bills).
Using Credit Cards in Vietnam
Credit cards are increasingly accepted in Vietnam, particularly in:
- Upscale hotels and resorts
- International restaurant chains
- Large supermarkets (VinMart, Lotte Mart)
- Shopping malls (Vincom, Aeon Mall)
- Major tourist attractions
However, cash remains king in Vietnam. Expect to use cash for:
- Street food and local restaurants
- Taxis and ride-hailing (unless using Grab app)
- Local markets and small shops
- Temples and small attractions
- Rural areas outside major cities
Most ATMs in Vietnam accept foreign cards (Visa, Mastercard, JCB) with daily withdrawal limits typically around 2-3 million VND (≈$80-$120 USD). Notify your bank before traveling to avoid card blocks.
Exchange Rate Regulations in Vietnam
The State Bank of Vietnam (SBV) regulates foreign exchange with these key rules:
- VND is not convertible outside Vietnam – you must exchange unused Dong before departure.
- Foreign visitors can exchange unlimited amounts with passport presentation.
- Vietnamese citizens have annual limits on foreign currency purchases (typically $5,000 USD equivalent).
- Businesses must conduct foreign exchange through authorized banks.
- Underground money changing is technically illegal but widely tolerated in tourist areas.
Vietnamese Currency Denominations
Vietnamese Dong comes in both coins (rarely used) and banknotes:
- Coins: 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫ (seldom seen in circulation)
- Polymer Notes: 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫
Important notes about Vietnamese currency:
- The 20,000₫ and 500,000₫ notes have similar colors (blue) – pay careful attention
- Old cotton notes (pre-2003) are still legal tender but rarely accepted
- ATMs typically dispense 20,000₫ and 50,000₫ notes
- Large bills (200,000₫, 500,000₫) may be refused in rural areas
Digital Payments and Mobile Wallets in Vietnam
Vietnam’s digital payment ecosystem has grown rapidly:
- Momo: Dominant e-wallet (31 million users) for bills, transfers, and payments
- ZaloPay: Integrated with Vietnam’s most popular messaging app
- VNPay: QR code payment system accepted at 100,000+ merchants
- VietQR: National QR standard connecting all banks
- GrabPay: For ride-hailing and food delivery
Foreign visitors can use some digital payment services by:
- Linking an international card to Momo/ZaloPay (limited functionality)
- Using Grab app with international card for transport/food
- Getting a local SIM with mobile money services (Viettel, Vinaphone, Mobifone)
Tax Considerations for Currency Exchange
Vietnam imposes these tax rules related to foreign exchange:
- No VAT on currency exchange transactions
- Personal Income Tax: Not applicable to normal currency exchange
- Business FX Transactions: Subject to corporate tax rules
- Capital Gains: Taxed at 20% for investment-related FX profits
- Customs Declarations: Required for cash over $5,000 USD equivalent
For business travelers or expatriates dealing with larger amounts, consult with a Vietnamese tax advisor to ensure compliance with General Department of Taxation regulations.
Seasonal Exchange Rate Patterns
Vietnamese exchange rates often follow seasonal patterns:
- Tet Holiday (Jan/Feb): High cash demand may weaken VND slightly
- Summer (Jun-Aug): Tourism peak increases USD demand
- Year-End (Dec): Business activity boosts FX transactions
- Post-Tet (Mar): Often the best time for exchanging USD to VND
Monitoring these patterns can help you time your exchanges for better rates, especially for larger transactions.
Common Exchange Rate Scams to Avoid
Tourists in Vietnam should beware of these common scams:
- Short-Changing: Always count your money carefully, especially with large bills
- Fake “Zero” Trick: Some vendors may claim 100,000₫ is 10,000₫ by covering a zero
- Calculator Switch: Shopkeepers may use a rigged calculator showing incorrect totals
- Old Notes Scam: Receiving outdated or damaged notes that others won’t accept
- Commission Bait-and-Switch: Advertising “no commission” then adding hidden fees
Always exchange money at reputable locations and get a receipt for larger transactions.
Expat Exchange Rate Strategies
For expatriates living in Vietnam, consider these strategies:
- Open a local bank account (Vietcombank, Techcombank, VPBank) for better rates
- Use TransferWise (now Wise) for international transfers at mid-market rates
- Consider multi-currency cards like Revolut or Wise for travel
- Monitor SBV reference rates for timing larger exchanges
- For salaries, negotiate payment in USD or EUR if possible
- Use VND for daily expenses but keep USD/EUR for savings
Future Outlook for Vietnamese Dong
Analysts predict these trends for VND in 2024-2025:
- Gradual Depreciation: 1-2% against USD due to Fed policy
- Stable Against Regional Currencies: Strong trade position with Asia
- Digital Currency Pilot: SBV testing CBDC (central bank digital currency)
- Increased FX Reserves: Expected to reach $120 billion by 2025
- Tourism Recovery: Full return to pre-pandemic levels by 2025
The State Bank of Vietnam maintains a ±3% trading band around its daily reference rate, providing relative stability compared to freely floating currencies.
Frequently Asked Questions
Can I use US dollars in Vietnam?
While USD is widely accepted in tourist areas (especially for hotels and tours), all official transactions must be in VND. Vendors may offer poor exchange rates when paying in USD. Always carry local currency for the best value.
Should I exchange money before arriving in Vietnam?
Generally no – exchange rates are better in Vietnam. However, bring enough USD (or your home currency) to exchange upon arrival. Avoid exchanging at airports if possible, as rates are typically 2-5% worse than in cities.
How much cash should I carry in Vietnam?
For a typical tourist, budget about 1-2 million VND (≈$40-$80 USD) per day for:
- Street food and local meals (50,000-150,000₫ per meal)
- Taxis/Grab rides (20,000-100,000₫ per trip)
- Entrance fees (20,000-150,000₫ per attraction)
- Small purchases and tips
Are there ATMs that don’t charge fees?
Most Vietnamese ATMs charge fees (50,000-100,000₫ per withdrawal), but some international banks offer fee-free options:
- HSBC ATMs (no fee for HSBC cardholders)
- Citibank ATMs (no fee for Citi customers)
- ANZ ATMs (reduced fees for ANZ cards)
Can I use my phone for payments in Vietnam?
Yes, but with limitations:
- Apple Pay/Google Pay acceptance is growing but still limited
- Local apps (Momo, ZaloPay) require Vietnamese bank accounts
- Contactless cards work at major retailers and hotels
- QR code payments (VNPay QR) are increasingly common
Cash remains essential for most transactions outside major cities.
What’s the best way to send money to Vietnam?
For remittances to Vietnam, compare these options:
| Service | Speed | Fees | Exchange Rate | Best For |
|---|---|---|---|---|
| Wise (TransferWise) | 1-2 days | Low (≈0.5%) | Mid-market | Small-medium transfers |
| Western Union | Minutes | High (≈5-7%) | Poor | Emergency cash |
| Bank Transfer | 2-5 days | Moderate (≈1-3%) | Bank’s rate | Large amounts |
| Remitly | 1-3 days | Low (≈1%) | Competitive | Regular remittances |
| Cryptocurrency | Minutes | Variable | Market rate | Tech-savvy users |
Is it better to exchange money in Hanoi or Ho Chi Minh City?
Both cities offer competitive rates, but:
- Hanoi: Best rates in the Old Quarter (Ha Trung, Hang Buom streets)
- Ho Chi Minh City: Best rates in District 1 (near Ben Thanh Market)
- Da Nang/Hoi An: Rates are 1-2% worse than major cities
- Small towns: Rates may be 3-5% worse; exchange in cities when possible
Final Tips for Getting the Best Exchange Rates
- Compare rates at 3-4 shops before exchanging large amounts
- Avoid airports and hotels for exchange – their rates are typically poor
- Use ATMs wisely – withdraw larger amounts to minimize fees
- Check for hidden fees – some places offer “no commission” but give poor rates
- Carry small bills – many vendors struggle to make change for 500,000₫ notes
- Use our calculator to verify rates before exchanging
- Monitor SBV rates for timing larger exchanges
- Consider digital options like Wise for transfers
- Keep receipts for any large currency exchanges
- Exchange unused VND before leaving Vietnam (it’s not convertible outside)
By understanding these factors and using our Vietnamese Exchange Rate Calculator, you can maximize your money’s value whether you’re visiting Vietnam for tourism, business, or long-term stay.