Vietnamese government has been hard at work since the late 1980s to improve their country’s economic standing. They took several decisive steps towards this eventuality, like the Doi Moi plan, and have successfully assembled the fastest growing economy in Asia. With the second largest oil reserves in East Asia, many big players in the international market have their sights on Vietnam. The only thing they have not been successful in achieving yet, is the revaluation of their currency, the Dong.
BRICS is an association of the 5 biggest emerging economies in the world; Brazil, Russia, India, China and South Africa. The association began with four members in 2009, and South Africa was later included in 2011. The purpose of this association was to improve the financial situations of the fastest growing economies in the world. All 5 countries had the aim to reform the established international financial institutions, like the World Bank, and they wanted an alternate currency for performing international trade.
The long war in Vietnam completely ravaged the country; the physical as well as the economic infrastructure, was in ruins. And there was no respite for the nation, even after the war. Sanction after sanction were slapped on Vietnam, which greatly hindered the rebuilding efforts. And the country also had to face many natural disasters, so basically poor Vietnam couldn’t catch a break. That was until 1986, when the Vietnamese government took control and launched their “Doi Moi” plan.
We talk a lot about the future and how the Vietnamese Dong will revalue in that future. Today, we are going to take a look at the past and discuss the history of the Vietnamese currency. How it went from 2 Dong to $1 to about 20,000 Dong to $1.
In the previous blog, we talked about the amazing tourist spots that Vietnam has on offer for tourists. If you have decided to visit Vietnam to check out those spots, read on!
One of the worst things you can do on your vacation to Vietnam would be, to follow the guidebooks to the letter. The better strategy would be to use the books as a guideline and add some exploration into the experience. There are many hidden and unseen places in Vietnam that you will not find in the pages of a guidebook.
Vietnam is full of historically significant buildings, culture, and heritage. There are pristine beaches and scenic spots that would take your breath away; these are just some of the attractions that Vietnam has for visiting tourists.
China, quite recently, became the second largest economy in the world. This staggering pace of economical progress is widely recognized as the fastest and largest growth made by any country in the world. The feat seems impossible to repeat, but not in the eyes of Vietnam.
One of the most important things that you will need to know before you depart for your Vietnamese vacation will be the actual costs of everyday essentials in Vietnam. The following information will give you a ball-park figure of all the expenses that you can expect on your vacation. To avoid being overcharged for items, it is better if you purchase Vietnamese Dongs before you leave. At BuyVND.com, we offer the best prices for VND and all types of bank notes are available.
These days, the financial market has been greatly revolutionized. One of the new trends that you will find is the crypto-currency. This term is used since the creation of this currency employs military-type cryptography so as to avoid fraud. Bitcoin is a new kind of money which makes use of peer-to-peer technology in order to facilitate various kinds of transactions. This payment system is open-source and decentralized. With that in mind, the use of this cryptocurrency is will not be regulated and will not require bank transactions. Any transactions would just be between the parties involved.
Since the unification of Vietnam, the country has always faced crisis due to the day by day downfall of the currency. Nowadays, the official and national currency for Vietnamese paper money is Dong, usually abbreviated as VND. The Dong paper money can be purchased in Vietnam only as it is issued by the state bank. A typical Vietnamese paper money has a portrait of Ho Chi Minh, who is known as the former leader and the Founder of Vietnam.
The Vietnamese Dong has recently been negatively rated. Its worth is decreasing day by day, which can be seen by the number of dominator paper currency. The outlook of a currency plays a vital role in the recent market. The currency is the only way for a country to have access in the international and capital market. The Sovereign foreign currency exchange rates help a country to foster and grow with stability and determination in the international market.
One of the currencies that have taken the world for a swing in this era of dropping indexes and high inflation rates is definitely the Vietnamese money or abbreviated to be known as the ‘VND’. For those of you, who are unaware of what the currency is, it is a regular state currency issued by the State Bank of Vietnam, similar to ‘dollars’ as they call it in USA or ‘Dinar’ as they are known in the Islamic countries, obviously the exchange rates of the currency being totally different. Now irrespective of your status, of being an investor, collector or traveler, buy Vietnamese dong and you are talking about some lucrative profitability and long term security assets.