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200 Dong - Foreign Exchange Certificate
| Issuer | Bank for Foreign Trade of Vietnam (Vietcombank) |
|---|---|
| Year | 1987 |
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| Currency | Second new đồng (1985-date) |
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| Obverse description | Large numeral '200' set within an elaborate guilloche vignette at centre, printed in green on a pale ground with intricate lathe-work border. The denomination in full, 'HAI TRĂM ĐỒNG B', appears below the central numeral. Decorative corner ornaments with floral motifs frame the design. |
|---|---|
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| Reverse lettering | BANK FOR FOREIGN TRADE OF VIETNAM VIETCOMBANK |
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| Comments |
Vietnam's Foreign Exchange Certificates were introduced in 1985 as a mechanism to capture hard currency from foreign visitors and overseas Vietnamese (Viet Kieu) remittances, keeping convertible funds within state control while preventing direct access to foreign banknotes. The FEC system ran parallel to the regular dong and was theoretically exchangeable for goods at special dollar stores — in practice, a substantial black market developed almost immediately, with FECs trading at premiums that exposed the arbitrage built into the official rate.
The 1987 dating places this note in the period just before Doi Moi reforms began dismantling the dual-currency apparatus. The FEC program was formally wound down by 1994.