SBV to issue VND20,000 polymer notes
 

VietNamNet

By Hong Phuc

03.05.06

The State Bank of Vietnam (SBV) will issue VND20,000 polymer notes into circulation from May 17, 2006. The existing cotton VND20,000 notes will continue to circulate concurrently.

The polymer VND20,000 note is 136mm x 65mm, and the dominant colour remains dark blue. The words Cong hoa xa hoi chu nghia Viet nam (Socialist Republic of Vietnam) appear on one side of the note, alongside the national coat of arms, a portrait of President Ho Chi Minh, and the nominal value of the note (VND20,000 in both numerals and in words).

The words Ngan hang Nha nuoc Viet nam appear on the other side of the note, together with the view of Chua Cau, Hoi An (Quang Nam Province), the nominal value and decorative patterns.

Nguyen Chi Thanh, Head of the Vault and Treasury Department under the SBV said that the central bank submitted to the Government the plan to issue polymer notes with the face value of VND10,000 and VND20,000 in April. The plan was approved by the Government in decision No 647 dated April 24.

According to Mr Thanh, it is the right time for SBV to issue VND20,000 polymer notes, as SBV has not recently released any new notes of nominal value of VND20,000 or less, excluding the VND100mil worth of VND10,000 cotton notes on the occasion of Tet.

Mr Thanh revealed that the central bank will introduce the set of Vietnamese currencies (including polymer and coins) in the near future. SBV will no longer issue notes of value less than VND10,000, as these denominations will be replaced by coins.

The issuance of polymer notes aims at improving the durability of the notes, thus satisfying payment demands in the national economy.