Currency in Vietnam - A Full Guide 2024
Planning a trip to Vietnam? Whether you’re heading there for work or pleasure, you’ll need to know how to pay your way as you travel.
This guide covers all you’ll need to know about the official currency in Vietnam, where to get it and how to keep your costs down during your trip.
What is the currency in Vietnam?
The official currency in Vietnam is the Vietnamese Dong, which is issued and overseen by the State Bank of Vietnam. If you’re buying your travel money online you may also see the official code being shown - VND. In stores and restaurants, Vietnamese Dong prices are likely to use the currency symbol ₫.
Once you’re in Vietnam you’ll see costs of items shown in VND and you’ll need to start paying for things in local coins and notes which are often found in the following denominations:
banknotes - 100₫, 200₫, 500₫, 1000₫, 2000₫, 5000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫ and coins (rarely used) 200₫, 500₫, 1000₫, 2000₫, 5000₫.
Can you officially pay in MYR when you are in Vietnam?
You’re unlikely to be able to officially transact in MYR in Vietnam, which is why it’s time to start getting used to VND and learning more about the currency exchange rates so you’ll know what you’re spending on your trip.
This guide will walk through all you need to know, including Malaysian ringgit/Vietnamese Dong rates and where best to get your travel money from.
| Vietnamese Dong | |
|---|---|
| Currency name | Vietnamese Dong |
| ISO code | VND |
| Symbol | ₫ |
| Subunit | Hào (historically) |
| Central Bank | State Bank of Vietnam |
| Best travel cards to take to Vietnam | Wise |
VND coins and banknotes
Here’s a full rundown of the VND coins and banknotes you’ll need to be familiar with when you’re in Vietnam.
| VND banknotes | VND coins |
|---|---|
| banknotes - 100₫, 200₫, 500₫, 1000₫, 2000₫, 5000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫ | coins (rarely used) - Rarely used: 200₫, 500₫, 1000₫, 2000₫, 5000₫ |
History of Vietnamese Dong currency
The Vietnamese Dong (VND) was introduced in 1978, replacing the South Vietnamese dong and the North Vietnamese dong following Vietnam's reunification. The dong has been devalued several times to support exports and economic growth.
Is MYR accepted in Vietnam?
As we’ve seen, the official currency in Vietnam is VND. If you carry MYR with you on your trip, you’ll probably need to exchange it before you can spend.
Sometimes when you’re away on a trip abroad you’ll find that merchants will take payments in a selection of major foreign currencies. However, the chances are that where this is offered, you won’t get a good exchange rate for your MYR. Planning smart and convenient ways to spend in VND when you’re away is likely to mean you save on costs in the end.
Usually, having a few different ways to pay and get cash is the best option for travelers and tourists. That’s because you’ll have a back up plan in case one payment method isn’t accepted for any reason, and you can pick the method that’s best suited to the specific transaction. Having a multi-currency card from a provider like Wise, plus your normal bank debit card, and some local cash in VND should mean you’ve always got options. You can use your cash for small purchases and tipping, and make low cost payments and cash withdrawals with your multi-currency card, while keeping your bank card in reserve for emergencies.
Use a travel card on your next trip to Vietnam
Using a travel debit card in Vietnam is usually cheap, safe and convenient. A few providers in New Zealand offer multi-currency cards which come with a linked payment account that lets you convert, hold and spend in VND. That allows you to add a balance in MYR and switch over to VND to lock in the exchange rate and set your travel budget.
Once you have VND in your account there are no extra fees to make payments, and you’ll not have foreign transaction charges to worry about, either.
Here’s a quick overview of a couple of handy travel debit cards you may want to order and use in Vietnam.
Wise travel card
Order a Wise travel card online or in the Wise app, to hold and exchange 40+ currencies and manage your money from your phone. You’ll be able to spend conveniently in VND - and all currency exchange uses the mid-market rate with no markup.
Card holders get some free ATM withdrawals available every month, and there’s no annual or monthly fees to pay, and no minimum balance requirement.
| Wise pros | Wise cons |
|---|---|
✅ Currency exchange uses the mid-market rate ✅ No foreign transaction fees apply ✅ Free to hold and spend 40+ currencies ✅ Receive payments to your Wise account in a selection of global currencies ✅ No minimum balance or ongoing fees | ❌ Card order fee applies ❌ ATM fees apply once you’ve exhausted your free monthly withdrawals |
What is the currency exchange rate for MYR 1 MYR/VND?
It’s helpful to get to know the live MYR/VND rate so you can easily calculate how much things are costing you while you’re on your trip abroad. The rate you need to focus on is the mid market rate, which is the one banks and major currency services get when buying and selling currencies. This rate isn’t always passed on to customers. Instead you may find that the MYR/VND rate you get when exchanging travel cash includes a markup - an extra fee.
Find the MYR/VND mid-market rate from a currency conversion site or a website like this, so you can keep an eye on the market and compare the rates you’re offered as you travel against the mid-market rate easily. Right now, the mid-market rate for 1 Malaysian Ringgit to VND is 0.21201.
Should I exchange MYR to VND before traveling to Vietnam?
It’s a good idea to exchange MYR to VND before you head off to Vietnam, as you can often find a better exchange rate and lower overall costs before you travel.
When you’re in Vietnam you’re going to need VND in cash for some of your spending - particularly when tipping or making smaller value purchases. Buying your VND travel money in advance can get you better MYR/VND exchange rates, and saves you wasting precious time shopping around for a good deal once you arrive in Vietnam.
Tips for exchanging money in Vietnam
At merchants and ATMs, make sure you’re charged in VND. If you’re asked if you’d rather pay in MYR instead, say no. That’s a sign of dynamic currency conversion, which usually means extra costs. ATMs are widely used in Vietnam so withdrawing money in target-currency is easy, particularly in big cities and Hanoi.
Best place to exchange currency in Vietnam
You can get your VND in Vietnam in a couple of ways.
You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.
Or if you prefer an offline solution you can carry some cash in MYR to exchange when you arrive. Currency exchange providers are often in airports and hotels, although the exchange shops in a city center are likely to be cheaper overall.
How to pay in Vietnam?
You’ll need to have VND to spend in Vietnam. However, generally having a few different payment methods is a good plan. That means that if a merchant won't accept one, you’ve got a back up. It’s also reassuring to know you have a different way to pay if you were unlucky enough to have a card or some travel cash stolen. Here are your key payment options in Vietnam.
1. Debit or credit card
Card payments can be helpful in shops, restaurants and hotels but there will be places where cash is also important. Order a travel card from a provider like Wise for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in VND.
2. VND cash
Cash is widely used in Vietnam, so it’s worth having some with you at all times. You may want to exchange money to VND before you leave, but it’s also usually convenient to make ATM withdrawals locally once you arrive in Vietnam.
You’ll usually find you can use a card to make payments in Vietnam, but carrying some cash in VND is also reassuring. It’s often easier for tipping and making smaller purchases, plus you’ve got a nice backup if your card is ever out of action for some reason.
It’s a smart idea to have both a card and some cash in VND when you’re in Vietnam. Some merchants will prefer cash, but having a card for higher value payments and in busier more tourist places is also convenient. Consider using a travel card from a provider like Wise or Revolut alongside your cash for flexibility.
Paying for the trip in MYR
If you’re paying for things in Vietnam with a MYR bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
Travel debit cards don’t always work this way. When you make purchases in Vietnam using the Wise card you can either choose to convert your account balance to VND in advance in the Wise app, or just leave your balance in MYR and let the card handle the transaction when you pay. You’ll always get the lowest available fee and there are no extra foreign transaction charges.
Conclusion - Currency in Vietnam
You won’t be able to pay in MYR when you visit Vietnam - so learning about the currency you need is essential. Whether you decide to use a travel debit card from a service like Wise , or stock up on VND in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging MYR to VND, and make your money go further while you’re away.
The official currency in Vietnam is VND. You can’t usually pay in MYR in Vietnam, so you’ll need to plan in advance to get your travel money sorted. Consider ordering a travel debit card from a service like Wise, for low cost conversions to VND and convenient spending and withdrawals - and remember that knowing the MYR to VND mid-market exchange rate is essential to check you’re getting a fair deal on currency exchange.
FAQ - Currency in Vietnam
What is the currency in Vietnam called?
The official currency in Vietnam is the Vietnamese Dong. You may also see the code VND and the currency symbol ₫.
What's the currency in Hanoi?
The official currency in Hanoi is the Vietnamese Dong. You’ll only be able to spend in VND while you’re there.
What is the old Vietnam currency?
Today the currency in Vietnam is the Vietnamese Dong. If you’re worried about currencies changing, why not get a travel debit card from a service like Wise which will automatically pick the currency needed in your destination when making a payment - with no penalties or inflated fees.
What is the best currency to take to Vietnam?
You’ll only be able to spend in VND while you’re in Vietnam. Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home.