200 Ðồng

The National Bank of Vietnam was established in 1951, and this 1955 issue belongs to the early years of the southern state's attempt to build independent monetary infrastructure following the Geneva Accords. The SBNC contract is consistent with a broader pattern — several young postcolonial governments turned to American security printers during this period as French banking relationships dissolved.

The question mark against the SBNC attribution in standard references reflects genuine uncertainty; the printer's own records from this era are incomplete, and the Philadelphia origin is inferred from stylistic and paper analysis rather than confirmed documentation.