Preparing a trip to Vietnam means immersing yourself in a world where daily life unfolds through bustling markets, warm exchanges, and an economy as vibrant as it is colorful. Between tradition and modernity, the country still blends cash payments with cutting-edge technologies, reflecting its rapid transformation. Before wandering through the streets of Hanoi or relaxing on the beaches of Phu Quoc, it's wise to understand how money works on the ground so you can make the most of every moment without worry.

Vietnam's national currency is the Vietnamese dong, called đồng locally and abbreviated as VND according to ISO code. Its symbol, đ, is typically placed to the right of the amount. The dong was first introduced in 1946 by the Viet Minh government, replacing the Indochinese piastre. After the country's reunification in 1978, a single dong was established and remains today the sole legal tender, issued by the State Bank of Vietnam.

Vietnam's monetary system relies almost exclusively on banknotes, as coins have become increasingly rare.

Denominations range from 500 to 500,000 VND, encompassing ten main values:

• 500 VND
• 1,000 VND
• 2,000 VND
• 5,000 VND
• 10,000 VND
• 20,000 VND
• 50,000 VND
• 100,000 VND
• 200,000 VND
• 500,000 VND

Smaller denominations (up to 5,000 VND) are made of cotton, while higher values are printed on polymer, a water-resistant and more durable material.

Coins in denominations of 200, 500, 1,000, 2,000, and 5,000 VND still officially exist, but they see little use in everyday transactions. Vietnamese people pay for everything in banknotes, even for the smallest purchases.

The Vietnamese dong is difficult to exchange outside the country, so it's advisable to convert your foreign currency directly on site. The euro and US dollar are the two most widely accepted foreign currencies for exchange, though the dollar remains the most common.

Exchange rates fluctuate slightly depending on the period, but typically hover around 1 EUR = 26,000 to 28,000 VND, with a recent update at 1 EUR = 29,860 VND (July 2025, Vietcombank).

Exchanging Money at Banks

Vietnamese banks are the safest and most regulated option for exchanging your euros or dollars for dong. They offer competitive exchange rates, guarantee the authenticity of banknotes, and reduce the risk of counterfeit currency.

The main recommended institutions are:

• Vietcombank: the most popular, with reliable rates
• BIDV: widely used by travelers
• Agribank: present even in smaller cities
• Vietinbank: renowned for reduced fees

However, the procedure can be somewhat lengthy: you must present your passport, fill out an administrative form, and sometimes wait in line. Banks are open Monday to Friday from 8 a.m. to 11:30 a.m., then 1 p.m. to 4 p.m., with some also open Saturday mornings.

Jewelers and Gold Exchange Shops

Jewelry stores and gold exchangers represent a quick and popular alternative to banks, particularly in Hanoi (Ha Trung Street) and Ho Chi Minh City (around Ben Thanh Market). These establishments often offer better exchange rates than banks, with no additional fees, and don't always require a passport. They also remain open beyond banking hours, making them convenient for urgent needs.

However, this option carries risks: these operations are not always officially regulated, and some shops may issue counterfeit banknotes. It's therefore crucial to visit reputable addresses, compare rates, and recount your money before leaving. Look for red and gold signage around markets, often synonymous with good rates, but avoid informal shops.

Other Exchange Locations

Airports and hotels have exchange desks, but their rates are often less favorable. Some upscale hotel chains accept dollar payments, but this practice is becoming rare and isn't permitted for everyday transactions.

Authorized exchange offices also exist in major cities and offer a safe solution, though slightly more expensive than jewelry shops.

In Vietnam, cash remains the most common and practical payment method. Whether at upscale restaurants, small boutiques, local markets, or rural areas, cash payment is essential. In many establishments, particularly family-run restaurants and street shops, credit cards are not accepted.

The Vietnamese dong (VND) is the only currency used for everyday transactions. It's therefore vital to always carry cash with you, especially when traveling outside major cities. Before making a purchase, take time to familiarize yourself with the denominations and exchange rates to avoid any confusion.

It's important to note that Vietnamese people place great value on the condition of banknotes. Clean and undamaged notes are always preferred, while torn or taped banknotes may be refused.

Even with a modest budget, it's easy to enjoy good comfort in Vietnam, provided you plan sufficient cash for your daily expenses.

International credit and debit cards (notably Visa, MasterCard, and sometimes American Express or Amex) are widely accepted in major cities, upscale hotels, shopping centers, tourist restaurants, and travel agencies. This payment method is convenient and secure, as it eliminates the need to carry large amounts of cash. However, it remains uncommon in everyday life: in small shops, street restaurants, guesthouses, or rural areas, cards are rarely accepted.

Note:

• Transaction fees almost always apply, between 1.7% and 3% for Visa/MasterCard and up to 4% for American Express (Amex).

• Some taxi companies, such as Mai Linh, accept card payments, but not all vehicles have terminals.

• Before your departure, inform your bank of your travel dates to avoid security blocks.

• Also verify the conversion fees applied by your institution, often between 2% and 4%.

• If traveling outside major cities, always plan to carry cash as a backup.

Traveler's checks are rarely used in Vietnam today. Few establishments accept them directly, and they can only be exchanged at major banks or certain international hotels. Fees of 1 to 3% typically apply when exchanging them. It's inadvisable to rely on this payment method, especially for everyday expenses.

ATMs are widely available in major cities, airports, shopping centers, and tourist areas. They accept Visa, MasterCard, or Maestro/Cirrus cards and allow you to easily withdraw dong (VND).

Withdrawals are capped between 2 and 5 million VND (approximately €70 to €180), though some international banks like Citibank, HSBC, or ANZ allow withdrawals up to 8 to 10 million. Fees of 1 to 3% apply depending on the bank, sometimes slightly more in tourist areas like Pham Ngu in Saigon.

It's advisable to make several successive withdrawals rather than one large withdrawal, and avoid carrying too much cash. In rural areas, where ATMs are scarce, remember to withdraw cash before leaving major cities.

Vietnam is experiencing rapid growth in mobile payments in major cities. Applications such as MoMo, ZaloPay, ViettelPay, VNPay, or AirPay are now widely used by both residents and some travelers. They allow you to pay online, in restaurants, supermarkets, cafés, or even at markets, where many vendors display QR codes.

To use them, simply download the app on your smartphone (with a local language interface), link a Vietnamese bank account or card, and settle your purchases instantly. These systems offer a fast and secure alternative to cash, becoming even more popular since the COVID-19 pandemic.

It's not recommended to exchange money on the street, as the risk of scams and counterfeit notes is high. Prioritize banks, reputable jewelry shops, or official exchange offices. Before any transaction, verify the condition and value of banknotes, especially for large denominations. Moreover, the 20,000 VND and 500,000 VND notes, both blue, are easily confused. Check the value carefully before paying.

Don't exchange all your money at once: convert gradually to take advantage of better rates and limit losses in case of theft. Always keep small denominations for daily payments (markets, taxis, small restaurants). Even if some hotels accept euros, it's more advantageous to pay in dong.

Good to know:

• Polymer banknotes may stick together when wet.
• If you enter Vietnam with more than 5,000 USD in cash, a customs declaration is mandatory.
• As the Vietnamese dong is difficult to exchange abroad, avoid leaving with too much local currency.