Vietnam pledges not to devalue currency in agreement with U.S. Treasury (2024)

FAQs

Will the Vietnamese dong revalue in 2023? ›

The dong will stabilise between US$:D23,500 and US$:D24,000 in 2023, against our existing forecast for an annual average of about US$:D23,300. The exchange rate will resume an appreciating trend in 2024.

In order to reduce the trade deficit and address the problem of inflation, Vietnam resorted to devaluation of its currency – the dong.

According to PricePrediction.net, in 2023 Vietnamese Dong investors should expect price growth to $0.000052, which seems a good reason to consider Vietnamese Dong as an investment option.

Due to the historical involvement of the United States in Vietnam and the country's dependence on tourism, it is fair to ask, “Will my US dollars work in Vietnam?” In short, the answer is yes. In the major cities of Hanoi and Ho Chi Minh City, US dollars are widely accepted.

The 2023 Outlook for Major Currency Pairs

EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023. USD/JPY is expected to hit 135 in March 2023, before trading at 133 in June 2023, 130 in September 2023 and 128 in December 2023.

1 USD = 23,474.179697 VND May 29, 2023 04:26 UTC

The currency converter below is easy to use and the currency rates are updated frequently.

Treasury Secretary Robert E. Rubin and VietnameseFinance Minister Nguyen Sinh Hung agreed today that Vietnam willrepay the United States approximately $145 million in economicdebts owed by the former Republic of Vietnam.

In general, when a currency loses value, people's purchasing power declines as well because products — especially imported ones — cost more money. And when that causes a general rise in prices, it's called inflation.

Countries devalue their currencies to reduce trade deficits, lower the cost of debt, increase exports and decrease imports. However, devaluation can create tensions in the international markets and foster global uncertainty.

How much is $100 can in VND? ›

According to a report by Knight Frank, the amount of wealth needed to be in the top 1% globally varies by country. In Vietnam, you would need a net worth of at least $160,000 to be in the top 1%1 . However, if you are looking to be considered ultra-wealthy in Vietnam, you would need a net worth of over $30 million2 3 .

If you plan to take money out of Vietnam, you can take out amounts of less than 15 million in Vietnamese dong or USD5000 (or equivalent in other foreign currencies) without declaring this. Any amount in excess of this will need to be declared to Customs at the airport.

Vietnamese Dong or US Dollar, which is the best currency to use in Vietnam? Most payments are made with Vietnamese Dong, but US dollars can be directly used for some hotels, restaurants, tours, or other services. You may see the prices for food, drinks, and souvenirs in Ho Chi Minh City's airport are all in US dollars.

💥 Cost of living in Vietnam (in 2022) : average in USD

Plan a minimum budget of $700/month if you are young or do not spend a lot. Your expenses may be up to $1,000/month if you want to be able to travel, enjoy the nightlife a bit more.

The US dollar has eased from its peak level, but exchange rate volatility will remain elevated in 2023 on the back of global macroeconomic uncertainty. However, although the dollar is likely to decline further in 2023, it is expected that exchange rate volatility will remain elevated.

Kuwaiti Dinar (KWD)

After reaching parity with the euro in 2022, the U.S. dollar has weakened modestly in 2023. The dollar has also lost ground against other currencies. Changes in the dollar's value on currency markets can affect results for U.S. investors who put money to work in global capital markets.

USD can be used in larger cities in Vietnam but only in big shops and hotels. Because the Dong is tied to the USD, you can also pay for a visa on arrival with US Dollars. However, prices in shops will always be shown in the local currency, and they can use higher exchange rates if you want to use USD.

How much is $20 US in Vietnam? ›

Japan and China have been the largest foreign holders of US debt for the last two decades. Japan and China held almost 50% of all foreign-owned US debt between 2004 and 2006. However, this has declined over time, and as of 2022 they controlled approximately 25% of foreign-owned debt.

The list of the six richest persons in Vietnam includes Pham Nhat Vuong with 7.5 billion USD, followed by Tran Dinh Long 3.1 billion USD, Ha Hung Anh 2.6 billion USD, Nguyen Thi Phuong Thao 2.5 billion USD, Nguyen Dang Quang 2.2 billion USD, and Tran Ba Duong 1.6 billion USD.

With $1.1 trillion in Treasury holdings, Japan is the largest foreign holder of U.S. debt. Japan surpassed China as the top holder in 2019 as China shed over $250 billion, or 30% of its holdings in four years. This bond offloading by China is the one way the country can manage the yuan's exchange rate.

1. Iranian Rial (IRR) The list of the top ten most worthless currencies globally is headed by the Iranian rial.

Workers Lose Real Wages

This means that the value of a currency can only be dropped by increasing the amount of currency in circulation. Hence, by definition, devaluation is likely to cause inflation. Inflation means a rise in the price of goods and services in the economy.

(1) the cost to import goods will skyrocket because foreign companies will no longer want dollars; (2) our government will lose its ability to borrow at its current levels – forcing it to raise taxes or print money to cover its shortfalls; (3) inflation will be at levels we have never seen because of higher import- ...

When a country decides to devalue their currency to make its goods and services cheaper, it can cause an increase in inflation. Inflation means that as the prices of goods and services rise, the value of a currency declines.

Gold, Silver, and Other Precious Metals

When there is a political or economic disaster, precious metals are traditionally considered a safe haven asset. And there is a reason for that. Precious metals can't be printed like paper money, which makes them a good hedge against economic collapse.

How much is a house in Vietnam? ›

In Vietnam, a 50m2 downtown house costs at least around $500,000, sometimes even higher. However, the average income of Vietnamese is just over $3,000 a year. Thus, it will take us more than 160 years-worth of income to purchase a house.

The average salary in Vietnam is 17.2 million Vietnamese Dong (VND) per month or 733 USD/month (according to the exchange rates in May 2023) — which is significantly lower than the average salaries in countries like the USA or UK.

Two people can enjoy a full local-style meal of rice or noodles, meat, vegetables, and a couple of draft beers for less than $5. For comparison, ordering one deluxe hamburger, fries, and a bottle of imported beer at a Western-style restaurant will cost between $8 and $11.

No. Bank of America does not offer or accept foreign coins. Convenience and peace of mind.

According to the Spatial Cost of Living Index (SCOLI) compiled by the General Statistics Office, Hanoi has maintained its standing as the most expensive city to live in Vietnam. Compared to 2020, the rankings of the most expensive places in 2021 have not changed much, with Hanoi still in the first position.

For a more comfortable backpacker experience in Vietnam, it's best to budget around $50 per day. This way, you'll have more money to spend on things like food, drinks, activities and hotel rooms. For a comfortable mid-range experience in Vietnam, it's best to budget $60 to $100 per day for your entire costs.

You may bring large sums of money with you in the form of cash, money order, or traveler's checks. There is no maximum limit, however, any amount exceeding $10,000 USD must be declared upon arrival on both the Form 6059B and FinCEN 105. All forms must be filled in completely and truthfully.

How much cash can a US citizen carry? ›

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105).

Currency restrictions

Import and export of local currency is limited to ₫15,000,000. Import and export of foreign currency over US$7,000 should be declared at customs.

Par value of 500,000 VND

The current converted value is equivalent to about 21.4 USD. This is a banknote easily confused with much lower denominations: 20,000 VND. So, if you are still not good at using Vietnamese currency, you should spend some extra attention when using two par value of 20,000 VND and 500,000 VND.

It depends on what kind of travelling you like to do; you will spend from just 600,000VND (~30 USD) for local style to over 1,400,000VND (~70USD) for luxury travel for 2 of you. It means that you should take 8,400,000VND (~420USD) to 19,600,000VND (~980USD) for spending during 2 weeks in Vietnam for food and drinks.

At the time of writing (30 September), the Vietnamese dong forecast from data aggregator Trading Economics indicated that the USD/VND pair could rise to 24,005.70 in one year, from 23,775.80 at the end of Q3 2022, based on global macro model projections and analysts' expectations.

Cost of Living in Vietnam: $700 to $1,400 per month

How much does it cost to live in Vietnam? $700 on the low end of the range, up to $1,400 for mid-range expats. This averages living costs across many months—you may spend more getting set up, but many expats average $1,000 per month.

There is no time limit for how long U.S. citizens may stay overseas. The validity of your Vietnamese visa, which allows you to legally stay in Vietnam, is determined by the Vietnamese government. Lawful Permanent Residents risk losing their status if they are outside the United States for over one year.

Article 1 of Resolution 69/2022/QH15 (effective from December 26, 2022) stipulates approving the state budget estimates for 2023 as follows: 1. Total state budget revenue is 1.620. 744 billion VND.

In Vietnam, 2023 is the year of the Water Cat. In the Chinese Zodiac story, the cat is betrayed by its friend – the rat – when it fails to live up to its promise to wake the cat up for the Zodiac race as agreed. This is why, according to the myth, our feline friends don't appear in the Chinese Lunar calendar.

What is the prediction for the Vietnam Dong? ›

Future currency rate of the currencies is predicted at 40466.691072543 (72.327% ) after a year according to our prediction system. This means that if you invested $100 now, your current investment may be worth $172.327 on 2024 May 29, Wednesday.

Producers and traders now benefit from a low interest rate on their loans and an increasing deposit rate. Investing in Vietnamese dong is therefore proving to be a real opportunity for foreign investors, who must nevertheless keep an eye on inflation of the dong.

In 2023, Vietnamese GDP growth is also projected to slow to 6.2%. Previously, international organisations also highlighted Vietnamese economic stability.

Vietnam's GDP growth rate may reach 13.6% in 2025, much higher than 0.4% of the U.S., 2.2% of Japan, 1.4% of Peru and 6.15% of Malaysia. Meanwhile, Vietnam's exports will surge by 37.3%, higher than 4.4% of the U.S., 14% of Japan and 12.4% of Malaysia, the professor said.

The GNI (gross national income) in Vietnam is forecast to amount to US$383.90bn in 2025.

Dragon – the holy one (1952; 1964; 1976; 1988; 2000; 2012; 2024) Dragons have been deified and are regarded as the most sacred animal in the Vietnamese zodiac.

The Year of the Cat is believed to bring good luck and smooth sailing in Vietnam.

On Jan. 22, 2023, more than a billion people globally will welcome the Year of the Rabbit – or the Year of Cat, depending on which cultural traditions they follow – as the start of the Lunar New Year. In the New York City public school district, Lunar New Year has been observed as a school holiday since 2015.

Vietnamese Dong or US Dollar, which is the best currency to use in Vietnam? Most payments are made with Vietnamese Dong, but US dollars can be directly used for some hotels, restaurants, tours, or other services. You may see the prices for food, drinks, and souvenirs in Ho Chi Minh City's airport are all in US dollars.

Par value of 500,000 VND

The current converted value is equivalent to about 21.4 USD. This is a banknote easily confused with much lower denominations: 20,000 VND. So, if you are still not good at using Vietnamese currency, you should spend some extra attention when using two par value of 20,000 VND and 500,000 VND.

Is 1 million Vietnamese dong a lot? ›

While that's technically true, having a million đồng does not make you wealthy. At the time of this writing, for example, 1 million đồng is worth about $43 U.S. dollars. That is roughly the amount that a tourist would spend per day vacationing in Hanoi.

In Vietnam, a 50m2 downtown house costs at least around $500,000, sometimes even higher. However, the average income of Vietnamese is just over $3,000 a year. Thus, it will take us more than 160 years-worth of income to purchase a house.