1. What is the official currency of Vietnam?

The official currency of Vietnam is the Vietnamese Dong (VND).

2. Are there any restrictions on foreign currency transactions in Vietnam?

Yes, there are restrictions on foreign currency transactions in Vietnam. The State Bank of Vietnam (SBV) is responsible for managing the country’s foreign exchange transactions and sets regulations on buying, selling, and using foreign currencies in the country.

Some common restrictions on foreign currency transactions in Vietnam include:

1. Limitations on holding foreign currencies: Vietnamese individuals and companies are only permitted to hold a certain amount of foreign currency in their bank accounts or cash on hand. Individuals are allowed to hold up to $10,000 USD (or equivalent) per person per trip for outgoing travelers, while legal entities can hold up to $15,000 USD (or equivalent) for incoming travelers.

2. Restrictions on the use of Vietnamese dong: Transactions between non-residents using Vietnamese dong as the payment currency may require approval from the SBV.

3. Approval requirement for large transactions: Any transaction involving an amount equal to or exceeding $100,000 USD (or equivalent) must be reported to the SBV and requires approval from the SBV before it can be carried out.

4. Export proceeds must be converted to VND: Companies engaged in exporting goods and services must convert at least 50% of their export proceeds into Vietnamese dong within 30 days after receiving them.

5. Restrictions on overseas investments: Vietnamese individuals and companies must obtain approval from the SBV before conducting any outward investments in a foreign country.

6. Limitations on repatriation of profits: Companies that invest overseas may face restrictions on repatriating their profits back to Vietnam.

Overall, these restrictions aim to control capital flows in and out of the country to maintain stability and prevent potential economic risks. It is important for businesses and individuals to keep updated with current regulations when conducting any foreign currency transactions in Vietnam.

3. What is the current exchange rate for local currency to US dollar in Vietnam?

As of October 2021, the current exchange rate for Vietnamese dong (VND) to US dollar (USD) is approximately 23,000 VND to 1 USD. However, exchange rates can fluctuate daily and may vary depending on the currency exchange provider. It is best to check with a reputable currency converter or your local bank for the most up-to-date exchange rate.

4. Is it better to use cash or credit cards for purchases in Vietnam?

It is generally recommended to use credit cards for purchases in Vietnam, rather than cash. Credit cards offer a more convenient and secure way of paying for purchases, as well as providing consumer protection in case of fraud or disputes. Additionally, many merchants in Vietnam will only accept payment by credit card and may not even accept cash at all. It is important to inform your bank or credit card company of your travel plans to ensure that your card will work abroad and to avoid any unexpected holds on your account.

5. Do businesses in Vietnam typically accept US dollars or do they prefer local currency?

Businesses in Vietnam typically prefer local currency, the Vietnamese dong. While US dollars may be accepted at some larger establishments, it is generally best to use the local currency for day-to-day transactions. Exchanging US dollars for dong can easily be done at banks or currency exchange offices, and many businesses also accept credit or debit cards.

6. Are there any hidden fees or charges when exchanging money in Vietnam?

It is likely that there will be hidden fees or charges when exchanging money in Vietnam. These can vary depending on the specific exchange rate and location where you are exchanging money. It is always advisable to research and compare exchange rates and fees from multiple sources before making a transaction. Additionally, some ATMs and currency exchange companies may charge additional fees for using their services, so it is important to check for any potential hidden costs before completing a transaction.

7. Can I use ATMs from my home country bank in Vietnam to withdraw money?

Yes, you can use ATMs from your home country bank in Vietnam to withdraw money, as long as your bank has a partnership with Vietnamese banks. Be aware that there may be fees associated with using foreign ATMs, so it is best to check with your bank before traveling to Vietnam. Additionally, some ATMs may only dispense Vietnamese currency (VND), so you may need to exchange some of your home currency beforehand.

8. Is it necessary to tip service workers and what is the customary amount in Vietnam?

Tipping is not considered a necessary practice in Vietnam, but it is becoming more common in larger cities like Hanoi and Ho Chi Minh City. If you are satisfied with the service provided, it is appreciated to leave a small tip for service workers such as waiters, hotel staff, and taxi drivers.

The customary amount for tipping in Vietnam is 5-10% of the total bill or rounding up the bill to the nearest whole number. For example, if your meal costs 150,000 VND, you can round up to 200,000 VND and leave a 50,000 VND tip.

It is important to note that tipping should be given directly to the service worker rather than added onto a credit card payment. Additionally, some restaurants and hotels may already include a service charge on the bill, so it is not necessary to leave an additional tip in those cases.

Ultimately, tipping is at your discretion and based on your level of satisfaction with the service provided. It’s always best to ask locals or do some research beforehand to understand local customs and expectations when it comes to tipping in Vietnam.

9. Can I purchase traveler’s checks before traveling to Vietnam, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Vietnam. However, they are not widely accepted in Vietnam. It would be more convenient to use cash or credit/debit cards for payment in Vietnam.

10. Are there any restrictions or limits on bringing foreign currency into or out of Vietnam?

There are no restrictions on bringing foreign currency into Vietnam, but amounts exceeding $5,000 USD or equivalent must be declared upon arrival and departure. The export of Vietnamese dong is limited to 15 million VND (approximately $650 USD) per person or 30 million VND (approximately $1,300 USD) for groups travelling together. Any amounts exceeding this limit must be declared.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Most major hotels and restaurants in the United States accept credit cards. The most commonly accepted types are Visa, Mastercard, American Express, and Discover. Some smaller establishments may only accept cash or certain types of credit cards, so it is always a good idea to check with the venue beforehand.

12. Are there any unique features of the currency used in Vietnam, such as coins with different values or special designs?

Yes, there are some unique features of the currency used in Vietnam.

– The official currency in Vietnam is the Vietnamese Dong (VND), which comes in both notes and coins. The notes range from 100 to 500,000 VND and the coins come in denominations of 200, 500, 1000, 2000, and 5000 VND.

– One unique feature of Vietnamese currency is that many of the lower value notes (from 100 to 20,000 VND) have a polymer material instead of paper, making them more durable and difficult to counterfeit.

– Additionally, some Vietnamese coins have different shapes and designs compared to other countries’ coins. For example, the 200 and 500 VND coins are square-shaped while the others are round with various designs on them.

– The current series of banknotes issued by the State Bank of Vietnam (SBV) features famous historical figures such as Ho Chi Minh on the back along with popular tourist destinations like Ha Long Bay and Hoi An.

Overall, while there aren’t any major differences or special features that set Vietnamese currency apart from others in terms of functionality or value, its unique materials and designs add character to it.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Haggling is a common practice in markets and smaller shops, especially in countries where it is a culturally accepted norm. In these situations, it is generally expected for customers to negotiate the price of an item before making a purchase. However, haggling may not be acceptable or appropriate in larger stores or establishments, where set prices are usually non-negotiable. It is always best to observe the practices and customs of the specific location before attempting to haggle.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

It depends on the specific place and situation, but in general, it is possible to pay with a mix of local currency and US dollars. Some places may only accept one type of currency, while others may be more flexible. It is always best to check with the establishment beforehand to see what types of payment they accept.

15. What is the most convenient way to exchange money while traveling through different regions of Vietnam?

The most convenient way to exchange money while traveling through different regions of Vietnam is to use ATM machines. Vietnam has an extensive network of ATMs that accept international debit/credit cards and dispense Vietnamese Dong currency. This allows travelers to withdraw money in local currency at a fair exchange rate, without the hassle of carrying large amounts of cash or having to find currency exchange counters.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Vietnam?

Yes, there are alternative forms of payment in addition to cash and credit cards in Vietnam. These include mobile payments and digital wallets, which are becoming increasingly popular in the country.

Some of the most widely used mobile payment services in Vietnam include Momo, ZaloPay, and AirPay. These apps allow users to make payments using their smartphones by linking a bank account or credit/debit card to the app.

Digital wallets are also gaining popularity in Vietnam. Examples of digital wallet services include ViettelPay, VTC Pay, and VNPay. These services allow users to store money and make transactions directly from their digital wallet account.

In addition, some international payment platforms like PayPal and Google Pay are also available in Vietnam for online transactions.

Overall, cashless payment methods such as mobile payments and digital wallets are becoming increasingly accepted and accessible in Vietnam.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Vietnam?

Yes, tipping is expected in Vietnam at certain locations such as taxis, hotels, spas, and salons. A small tip of 5-10% is customary in these places. However, it is not expected to tip at local restaurants or street food stalls.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Vietnam?

Yes, tourists visiting Vietnam are eligible for tax refunds on purchases made through certain designated stores that participate in the country’s tax refund program. These stores will have a tax refund logo displayed prominently at their entrance, and visitors can ask for a VAT refund form upon making their purchase.

To be eligible for a tax refund, visitors must spend at least 2 million VND (approximately $100 USD) in one store on the same day. The purchased goods must also be taken out of the country within 60 days from the date of purchase. Visitors will need to present their passport and filled-out VAT refund form when leaving the country to claim their refund at designated customs offices located at international airports or land border crossings.

Note that not all items are eligible for a tax refund, and there may also be administrative processing fees deducted from your total refund amount. It is recommended to check with the store or consult with customs officers for more information before making your purchase.

19..How should I handle my leftover foreign currency when departing from Vietnam, including coins and smaller bills?

1. Exchange it at the airport: The most convenient option for handling leftover foreign currency is to exchange it at the airport before you leave Vietnam. Most airports have currency exchange booths where you can convert your currency into your home currency.

2. Use it for shopping or dining: If you still have a significant amount of foreign currency leftover, you can use it to make purchases at duty-free shops or restaurants at the airport. This will help you get rid of your coins and smaller bills while getting something in return.

3. Keep it for future use: If you plan on visiting Vietnam again in the future, you can keep your leftover foreign currency and use it on your next trip. However, keep in mind that exchange rates and currencies may change over time.

4. Donate it: Some airports may have donation boxes where you can put your leftover foreign coins and bills for a charitable cause. This is a great way to give back and get rid of your foreign currency at the same time.

5. Exchange it at a bank or currency exchange office: If you are not able to exchange your leftover foreign currency at the airport, you can do so at a bank or currency exchange office in Vietnam. Make sure to research beforehand to find one with favorable rates and fees.

6. Convert it into cryptocurrency: Another option is to convert your foreign currency into cryptocurrency like Bitcoin or Ethereum using a crypto ATM if available at the airport or nearby areas.

7. Use smaller bills as tips: In Vietnam, tipping is not widely practiced but appreciated by service staff, especially in touristy areas. You can use your smaller bills as tips for hotel staff, tour guides, and drivers before leaving the country.

8. Sell it to other travelers: If you know someone who is traveling to Vietnam soon, you can offer to sell them your leftover foreign currency at a discounted rate.

It’s always recommended to use up all of your foreign currency during your trip to Vietnam to avoid any extra hassle when departing. However, if you do end up with leftover currency, these tips should help you handle it efficiently.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Vietnam each day?

Yes, most ATMs in Vietnam have a daily withdrawal limit of around 2 – 5 million Vietnamese dong (VND), which is equivalent to approximately $100 – $200 USD. However, this may vary depending on the bank and type of account you have. It is best to check with your bank for specific limits and fees.