The Vietnamese đồng (VND, symbol ₫) serves as Vietnam's official currency. The State Bank of Vietnam, established in 1951, issues banknotes in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000 đồng. Polymer banknotes replaced cotton-based notes between 2003 and 2011, featuring portraits of Ho Chi Minh on all denominations. Coins exist in values of 200, 500, 1,000, 2,000, and 5,000 đồng but rarely circulate in practice. The currency code VND appears on international exchange platforms, though most domestic transactions reference amounts without decimals because the đồng has no subdivision.
Exchange rates fluctuate between 23,000 and 25,000 VND per US dollar as of 2024. The State Bank of Vietnam maintains a managed floating exchange rate system, adjusting the daily reference rate within a band. Banks and authorized money changers post rates openly, with spreads between buying and selling rates typically 1-3% at banks and up to 5% at hotels. Vietcombank, BIDV (Bank for Investment and Development of Vietnam), Vietinbank, and Agribank operate as the four largest state-owned commercial banks with nationwide networks. Joint-stock banks including Techcombank, MB Bank, VP Bank, and ACB also provide foreign exchange services at competitive rates.
ATMs accepting international cards appear throughout Hanoi, Ho Chi Minh City, Da Nang, Nha Trang, Hoi An, and other tourist centers. The maximum withdrawal per transaction ranges from 2,000,000 to 10,000,000 VND depending on the bank, with most machines dispensing 500,000 VND notes. Vietcombank ATMs allow maximum withdrawals of 10,000,000 VND per transaction. BIDV and Techcombank machines typically cap withdrawals at 3,000,000 to 5,000,000 VND. Vietnamese banks charge withdrawal fees between 30,000 and 55,000 VND per transaction for foreign cards. These fees apply in addition to any charges from the card-issuing bank.
Credit cards function at hotels rated three stars and above, restaurants catering to international clientele, shopping malls, and airline offices in major cities. Visa and Mastercard achieve wider acceptance than American Express or Discover. The State Bank of Vietnam mandates that merchants cannot add surcharges to credit card payments, though some smaller establishments request cash or impose unofficial markups of 2-4%. Contactless payment systems including Visa payWave and Mastercard PayPass operate at modern retail locations in Hanoi and Ho Chi Minh City.
Cash remains the primary payment method across Vietnam. Street food vendors, local markets, cyclo and xe ôm drivers, small guesthouses, and family-owned restaurants operate on cash-only terms. Small denominations of 10,000, 20,000, and 50,000 VND notes prove essential for minor purchases. Taxi drivers and market vendors often claim insufficient change when presented with 500,000 VND notes for small fares. Breaking large bills at convenience stores like Circle K, Family Mart, or Ministop before other transactions eliminates this friction.
Domestic mobile payment platforms have expanded rapidly since 2018. MoMo, launched in 2012, claims over 30 million users as of 2023. ZaloPay, operated by VNG Corporation, and ViettelPay from state-owned Viettel Group compete for market share. These systems require Vietnamese phone numbers and local bank accounts for setup, limiting utility for short-term travelers. QR code payments appear at chain restaurants, coffee shops including Highlands Coffee and The Coffee House, and retailers like Vinmart and Co.op Mart.
Currency declaration requirements apply to amounts exceeding 15,000,000 VND or foreign currency equivalent to US$5,000 when entering Vietnam. The customs declaration form, printed on arrival cards distributed during flights, requires disclosure of higher amounts. Travelers carrying undeclared currency above these thresholds face confiscation and potential fines. The General Department of Vietnam Customs enforces these regulations at Noi Bai International Airport in Hanoi, Tan Son Nhat International Airport in Ho Chi Minh City, and Da Nang International Airport.
Banking hours run from 08:00 to 15:00 or 16:00 Monday through Friday, with some branches closing between 11:30 and 13:00 for lunch. Saturday service operates at select urban branches until 11:30 or 12:00. Vietcombank maintains extended hours at branches near tourist areas in Hanoi and Ho Chi Minh City. ATMs function 24 hours daily, though machines in rural areas sometimes run out of cash on weekends and holidays.
Tipping culture in Vietnam differs from Western norms. Restaurants rarely expect tips, though upscale establishments in Hanoi and Ho Chi Minh City sometimes include 5-10% service charges on bills. Hotel porters receive 20,000-50,000 VND per bag. Tour guides working with international groups typically receive 100,000-200,000 VND per day per traveler. Cyclo drivers and xe ôm motorcycle taxi operators do not expect tips beyond the agreed fare. Spa and massage services at tourist-oriented venues sometimes provide tip boxes, where 50,000-100,000 VND represents typical amounts.
Bargaining applies in markets including Ben Thanh Market in Ho Chi Minh City, Dong Xuan Market in Hanoi, and cloth markets in Hoi An. Initial asking prices for tourists often start 2-3 times higher than actual selling prices. Fixed-price stores display "giá cố định" signs, indicating no negotiation. Supermarkets, shopping malls like Vincom Center and Parkson, pharmacies, and convenience stores operate on fixed pricing.
Counterfeit currency circulates primarily in denominations of 500,000, 200,000, and 100,000 VND. Polymer notes include transparent windows, color-shifting ink, and watermarks visible when held to light. Authentic notes feel smooth with crisp edges, while counterfeits often display blurred text or irregular plastic texture. The State Bank of Vietnam provides a mobile app called "VND Detector" that scans notes to verify authenticity. Banks and hotels train staff to inspect notes, refusing suspicious bills without compensation.
Foreign currency exchange services cluster near tourist centers. In Hanoi, gold shops along Hà Trung Street near Hoàn Kiếm Lake offer competitive rates with lower spreads than banks. Ho Chi Minh City's Bến Thành Market area contains numerous authorized money changers displaying exchange licenses from the State Bank of Vietnam. These licenses bear official seals and registration numbers. Unlicensed changers operate near tourist sites, sometimes delivering shortchanged amounts or counterfeits. Authorized changers provide exchange receipts showing transaction details and applicable rates.
Hotels typically exchange currency at rates 3-5% worse than banks or authorized changers. Airports maintain bank branches and exchange counters with rates approximately 2-4% below market levels. Noi Bai International Airport hosts Vietcombank and Eximbank counters in arrival halls. Tan Son Nhat International Airport operates similar services through Vietcombank and Sacombank.
Traveler's checks have become obsolete for Vietnam travel. Most banks refuse them or impose fees of 5-10% for encashment. American Express no longer maintains offices in Vietnam. The last Hanoi office closed in 2015.
Wire transfer services operate through Western Union agents at post offices and Vietcombank branches. Fees range from 100,000 to 300,000 VND plus a percentage of transferred amounts. MoneyGram partners with Eximbank and select post offices. The Vietnam Posts and Telecommunications Group operates the largest network of money transfer agents outside banks. Transfer times run from minutes for cash pickup to 2-3 days for bank deposits.
Black market currency exchange once flourished along Hanoi's Hàng Bạc Street and Ho Chi Minh City's Nguyễn Huệ Boulevard. Police crackdowns since 2016 reduced visible activity, though unofficial changers still approach tourists near Ben Thanh Market and Hoàn Kiếm Lake. Exchange rates differ minimally from official channels, typically 0.5-1% better, while risks of shortchanging or counterfeit notes increase substantially.
The State Bank of Vietnam restricts Vietnamese đồng export and import to 15,000,000 VND per person. Customs officers at land borders with Cambodia, Laos, and China enforce this limit through baggage inspections. Violations result in confiscation of excess amounts. Foreign currency carries no exit limits if declared on entry.
Gold shops in Vietnam sell Saigon Jewelry Company (SJC) branded gold bars and jewelry. The price per tael (37.5 grams) fluctuates daily, quoted in million VND. Gold purchases require government-issued identification, and shops report transactions to tax authorities. The Dong Xuan Market in Hanoi and Ben Thanh Market in Ho Chi Minh City host numerous gold dealers. Many Vietnamese hold wealth in gold as inflation protection, making gold shops more prevalent than in neighboring countries.
Vietnamese business culture emphasizes cash flow and immediate payment. Invoices from local tour operators, domestic airlines like Vietnam Airlines and VietJet Air, and train ticket offices request payment in full upon booking. The Vietnam Railway Corporation requires payment before issuing tickets, accepting cash at stations or bank transfers for online bookings. Hotels sometimes request deposits of 50-100% of total stay cost upon check-in, refunded in cash at checkout if no room charges accrue.
Inflation in Vietnam measured 3.25% in 2023 according to the General Statistics Office of Vietnam. The State Bank of Vietnam targets inflation below 4% annually. Historical peaks reached 23% in 2008 and 18.7% in 2011, prompting currency devaluations and tighter monetary policy. The đồng depreciated from approximately 16,000 per US dollar in 2008 to current levels above 23,000.
Tax refund systems operate for purchases exceeding 2,000,000 VND at participating retailers displaying "Tax Free Shopping" logos. The value-added tax (VAT) in Vietnam stands at 10% for most goods and services, reduced to 8% as a temporary measure through 2024. Eligible items exclude food, beverages, tobacco, and hotel accommodations. Travelers must request VAT refund forms at time of purchase, present goods and forms to customs at departure airports, and collect refunds at designated counters after immigration. Processing fees of 10-15% of refund amounts apply. Global Blue and Vietnam Tax Refund operate competing systems at Noi Bai, Tan Son Nhat, and Da Nang airports.
Budgeting for accommodation in Vietnam spans wide ranges. Hanoi's Old Quarter offers dormitory beds in hostels for 80,000-150,000 VND nightly. Private rooms in family-run guesthouses cost 200,000-400,000 VND. Mid-range hotels charge 600,000-1,500,000 VND for double rooms with air conditioning, hot water, and breakfast. International chain hotels including Sofitel, Hilton, and Marriott in Hanoi and Ho Chi Minh City price rooms from 2,500,000 to 8,000,000 VND nightly. Hoi An's ancient town commands premiums of 20-30% over similar quality in less touristy cities.
Meals at street stalls selling phở, bánh mì, or cơm tấm cost 20,000-40,000 VND. Local restaurants serving com binh dan (common rice meals) charge 30,000-60,000 VND for rice with side dishes. Mid-range restaurants in tourist areas price main courses at 80,000-200,000 VND. Fine dining establishments in Hanoi and Ho Chi Minh City charge 300,000-800,000 VND per person excluding drinks. A ca phe sua da (iced milk coffee) at street cafes costs 15,000-25,000 VND, while chains like Highlands Coffee charge 40,000-70,000 VND. Beer prices range from 10,000 VND for local bia hoi (fresh beer) to 25,000-35,000 VND for bottled Saigon Beer or Hanoi Beer in local venues, rising to 80,000-150,000 VND at tourist bars.
Transportation costs within cities remain low. Hanoi and Ho Chi Minh City bus systems charge flat fares of 7,000 VND per ride regardless of distance. Xe ôm motorcycle taxi rides covering 2-3 kilometers cost 20,000-40,000 VND after negotiation. Grab, Vietnam's dominant ride-hailing app, quotes fixed prices through its platform, typically 25,000-35,000 VND for short trips in Hanoi. Traditional metered taxis from Mai Linh or Vinasun charge 10,000-15,000 VND per kilometer after initial flagfall fees of 10,000-12,000 VND. Cyclo rides cost 50,000-100,000 VND for 30-minute tours in tourist zones.
Inter-city transportation prices vary by mode and class. Vietnam Railways operates trains from Hanoi to Ho Chi Minh City covering 1,726 kilometers in 30-35 hours. Hard seat tickets cost approximately 600,000 VND. Soft sleeper berths range from 1,200,000 to 1,800,000 VND depending on cabin configuration. The SE1 and SE3 reunification express trains offer better comfort than slower services. Private operators including Violette Train and Livitrans run premium carriages with prices 20-40% above standard soft sleepers.
Buses dominate inter-city travel for budget-conscious travelers. The Sinh Tourist and Futa Bus Lines operate modern fleets on popular routes. Hanoi to Sapa buses cost 180,000-250,000 VND for the 320-kilometer journey lasting 5-6 hours. Ho Chi Minh City to Nha Trang tickets run 150,000-250,000 VND for 430 kilometers covered in 8-9 hours. Sleeper buses with reclining beds charge premiums of 30-50% over seated coaches. Mai Linh Express and Phuong Trang operate extensive networks connecting major cities with prices typically 10-20% below competitors.
Domestic flights provide time savings at higher costs. Vietnam Airlines, VietJet Air, Bamboo Airways, and Vietravel Airlines compete on trunk routes. Hanoi to Ho Chi Minh City economy fares range from 1,200,000 to 3,500,000 VND depending on booking timing and carrier. Budget carriers VietJet and Bamboo Airways occasionally offer promotional fares below 1,000,000 VND when booked weeks in advance. Baggage fees apply on budget carriers, with checked bags costing 100,000-300,000 VND per 20-kilogram allowance purchased online.
Tourist attractions implement tiered pricing with separate rates for Vietnamese nationals and foreigners. The Imperial City of Hue charges foreigners 200,000 VND while Vietnamese citizens pay 150,000 VND. Ha Long Bay day cruises cost foreigners 300,000-400,000 VND for basic boat trips, excluding meals and cave entrance fees. Phong Nha-Kẻ Bàng National Park entrance fees reach 150,000 VND, with Paradise Cave tickets adding 250,000 VND. Son Doong Cave expeditions through Oxalis Adventures cost US$3,000 for four-day trips, paid in dollars rather than đồng.
Museum entrance fees remain modest. The Vietnam Museum of Ethnology in Hanoi charges 40,000 VND. The War Remnants Museum in Ho Chi Minh City costs 40,000 VND. The Hue Royal Antiquities Museum charges 60,000 VND. Audio guides where available add 30,000-50,000 VND rental fees.
Visa costs for Vietnam depend on entry method and nationality. The e-visa system, introduced in 2017 and expanded to 80 nationalities in 2023, costs US$25 for single-entry validity of 30 days. Payment occurs through the official government portal at evisa.xuatnhapcanh.gov.vn using international credit cards. The visa on arrival system, requiring approval letters purchased through agents, involves two fees: the approval letter costing US$10-30 through agencies like Vietnam Visa Pro or Vietnam Visa Choice, plus stamping fees of US$25 for single-entry or US$50 for multiple-entry visas paid in cash at airport immigration counters.
Travel insurance premiums vary by coverage levels and provider. World Nomads quotes approximately US$80-120 for two weeks of coverage in Vietnam for travelers under 40. SafetyWing offers policies starting at US$42 for four weeks. Allianz Travel Insurance prices plans from US$50 to US$200 for two-week trips depending on coverage limits and deductibles. Vietnamese insurers including Bao Viet and Bao Minh sell domestic policies with lower premiums but English-language support varies.