Vietnamese Dong - 2023 Data - 1994-2022 Historical - 2024 Forecast - Quote (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.

The Vietnamese Dong is expected to trade at 23764.69 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 24173.49 in 12 months time.

1 USD = 23,657.440265 VND Jul 21, 2023 12:56 UTC

Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently.

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.

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.

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.

The Exchange Rate between USD and VND

The exchange rate from USD to VND currently hovers around 1:23,000. For an easy comparison, prices for a small bottle of water start around 5,000 VND, depending on the area you are visiting, so encountering smaller denominations is rare. Vietnam & UAE FANTASTIC tour!

Vietnam has grown bolder in its development aspirations, aiming to become a high-income country by 2045. To achieve this goal, the economy would have to grow at an annual average rate of 5.9% per capita for the next 25 years.

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.

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.

Is 500000 dong a lot of money in Vietnam? ›

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.

The Kuwaiti dinar continues to remain the highest currency in the world, owing to Kuwait's economic stability. The country's economy primarily relies on oil exports because it has one of the world's largest reserves. You should also be aware that Kuwait does not impose taxes on people working there.

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.

The lowest value of bank note in Vietnam at present is VND 500 (around 2.5 cents), and the highest value is VND 500,000 (around US$25). Bank note in Vietnam has two sides which often carries national symbols.

What Is the Effect of a Currency Revaluation? A currency revaluation increases the value of a currency in relation to other currencies. This makes the purchase of foreign goods in foreign currencies less expensive to domestic importers.

Vietnam's GDP growth rate moderated to a pace of 3.3% y/y in the first quarter of 2023, after rapid GDP growth of 8.0% y/y in 2022.

The aggregate State budget expenditure estimate is VND 2,076.2 trillion for fiscal year 2023, which is VND 291.6 trillion higher (+16.3%) than that in 2022.

Lunar year 2023 is a year of the Cat on the Vietnamese zodiac, from January 22^nd, 2023 to February 9^th, 2024. Cat is the fourth sign in Vietnamese Zodiac, taking place of the Rabbit in Chinese Zodiac. Happy kid having fun with traditional dress ao dai during Vietnamese New Year.