Money and Costs in Vietnam
Vietnam is rich in tourism resources, abundant in agricultural products, cheap in various fruits, and low in price index, which is very suitable for tourism. Vietnam is also one of top budget travel destinations.
Currency of Vietnam
Vietnamese Dong (Vietnamese: đồng) is the official currency of Vietnam, VND for short. Hao and Xu are the smaller currency units. One dong is equal to 10 Hao or 100 Xu, but it is unlikely you will ever need to use such a small amount of money. There are many denominations in Vietnamese Dong. The most commonly used ones are 1000, 2000, 5000, 10,000, 20,000, 50,000, 100,000, 50,000, 200,000, and 500,000.
In Vietnam, most people pay for Vietnamese dong, but US dollar can be paid directly in some places. Hotels, airlines, and travel agencies are usually priced in US dollars. US dollars can be used when staying at hotels, participating in tours, purchasing Open Bus tickets, etc. But it is not recommended because they will convert at a lower exchange rate, allowing you to pay more dollars. So, paying in Dong ensures you get the fairest deal and avoids unpleasant arguments. You're better off exchanging your money at banks or other authorized currency exchange centers.
Exchanging Money in Vietnam
Exchanging money are available in lots of places, like airports, currency exchange shops marked with the Exchange logo, travel agencies, gold and jewelry stores, large hotels, etc. The US dollar exchange for the Vietnamese Dong is recommended to use large denominations of currency.
Because the rule of the Vietnamese gold store is that the large denomination exchange rate is much better than the small denomination, and the new version of the US dollar is much better than the old US dollar. Exchanging currency in and around Vietnam’s major cities is relatively easy and reliable.
Exchange Rate of Vietnam
1CNY = 3384.1348 VND
1USD = 23293 VND
1HKD = 2967.4124 VND
1GBP = 29633.3546 VND
1EUR = 26500.4461VND
1JPY = 210.0929 VND
1KRW = 20.7086 VND
1THB = 701.5964VND
1AUD = 16920.0352VND
(Data is provided for reference only, the transaction price is subject to the bank counter transaction price.)
Consumption Level of Vietnam
In recent years, due to the rapid development of tourism, prices have risen significantly. In terms of consumption, the city with the highest price in Vietnam is Ho Chi Minh City. Hanoi and Ho Chi Minh City will be more expensive than smaller cities like Hue or Hoi An and much more costly than the countryside area. Here are some reference prices:
A cup of yogurt: 6000 VND
1.5 L bottle of water: 5000-20,000 VND
Pho: 20,000-90,000 VND
Fried rice: 30,000-100,000 VND
Bus fare: 5000 VND
Vietnamese baguette: 15,000 VDN
Youth Hostel: 100,000 VDN
3-star hotel: 1,000,000 VDN
ATMs are found throughout the country, even in small towns. They are usually well marked and offer 24-hour service. Cash is king but debit and credit cards can be used in many hotels. Visitors can use debit or credit cards to withdraw Vietnamese Dong directly at any ATM. But some ATMs will charge withdrawal surcharge. Banks allow a maximum withdrawal of between VND four million to VND nine million, dispensing 50k- and 100k-dong notes. Be careful when withdrawing money from ATMs.
It is recommended that a large amount of cash and valuables be placed in the hotel's safe or handed over to the hotel for safekeeping. Especially for some small hotels, youth hostels without surveillance cameras can easily become targets of thieves. Don't take a lot of cash with you outside, once you are lost or robbed, the loss is very serious. According to personal consumption, it is enough to go out to eat, drink and play with no more than 3 million VND per day.