10 000 Đồng

Vietnam's high-denomination notes of the early 1990s were a direct consequence of the doi moi economic reforms launched in 1986, which dismantled central planning and unleashed inflation that periodically ran above 300% annually in the late 1980s. By the time this note was issued, inflation had been substantially tamed, but the demand for large-denomination paper remained — the đồng had lost so much ground that 10,000 units was still a routine transaction amount.

P#115 is a paper issue; the polymer 10,000đ series came later, replacing it in circulation. The watermark is the sole security feature, modest even by the standards of the period.