Catalog
10 Dong - Foreign Exchange Certificate
| Issuer | Bank for Foreign Trade of Vietnam (Vietcombank) |
|---|---|
| Year | 1987 |
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| Reference(s) | P#FX1 |
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|---|---|
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| Reverse description | The reverse, printed in pale blue-grey, presents a line-engraved vignette of a large neoclassical government building — identified as the Vietcombank headquarters in Hanoi — occupying the centre right of the note. The Vietcombank circular logo, comprising the stylised monogram 'VCB' within a double ring, appears to the upper left. A prominent red rectangular stamp impression in the lower portion carries the usage restriction legend in Vietnamese, overprinted across the face of the design. |
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| Protection description | Repeated star pattern watermark visible when held to light |
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| Comments |
Vietnam's Foreign Exchange Certificates were introduced in 1987 as part of the Doi Moi reform period, creating a parallel currency system that allowed the state to capture hard currency from tourists, overseas Vietnamese remittances, and diplomats while insulating the domestic dong from external convertibility pressure. Vietcombank administered the scheme, and FEC holders could access goods unavailable for ordinary dong — the certificates effectively functioned as a rationing mechanism dressed as a currency.
The FX series is the first such issue, P#FX1 being the lowest denomination of the set. The program was short-lived; by the early 1990s the dual-currency apparatus was dismantled as broader economic liberalization made it redundant.