Vietnam to issue new notes, coins starting Dec. 17<\/p>\n
Associated Press
\nHanoi, Vietnam<\/p>\n
Vietnam will issue two new notes and three new coins from Dec.
\n17, including its highest ever denomination note worth 500,000
\ndong (US$32), Central Bank Governor Le Duc Thuy said on Thursday.<\/p>\n
The new notes will have a face value of 500,000 dong and
\n50,000 dong, while the coins will have face values of 5,000 dong,
\n1,000 dong and 200 dong. Currently, the country's largest
\ndenomination note is worth 100,000 dong.<\/p>\n
The last time Vietnam issued coins was in the early 1980s,
\nThuy said.<\/p>\n
The country experienced a period of three-digit inflation
\nduring that decade thanks to a disastrous policy of collectivized
\nfarming and economic controls. Subsequently all coins in
\ncirculation became worthless and were phased out. The new coins
\nwill be the first in two decades.<\/p>\n
\"We need to issue new currencies to help maintain the
\nstability of Vietnam's monetary system, because the new
\ncurrencies ... will have characteristics which are very difficult
\nto counterfeit,\" Thuy said. \"Counterfeiting has become a serious
\nproblem for Vietnam.\"<\/p>\n
He said that the country also needs to issue coins because the
\ncountry will increasingly have more vending machines for public
\nconvenience.<\/p>\n
Thuy predicts Vietnam's inflation for this year will be about
\n3 percent - much lower than initially targeted. In the first 11
\nmonths of this year, the inflation rate was only 2.2 percent.<\/p>",
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