200 Ðồng

The National Treasury of Vietnam — not a central bank — issued this note during the early years of the Democratic Republic of Vietnam, when the new government lacked the institutional infrastructure for conventional monetary policy. The 1950 dating places it squarely in the First Indochina War period, when French forces and the Việt Minh were contesting control of territory and currency alike; French authorities actively worked to suppress DRV notes and prosecuted their use in areas under their control.

The print date of 30 April 1945 printed on the note predates Vietnamese independence by several months — a detail that has caused persistent cataloging confusion between this issue and earlier emergency printings.