Thursday, April 7, 2016

Vietnam will issue commemorative notes on May 6

The State Bank of Vietnam (SBV), announced a a new commemorative banknote will be issued on May 6 to commemorate the 65th anniversary of the State Bank of Vietnam. The State Bank of Vietnam is the central bank of Vietnam established on May 6, 1951.

The Central Bank revealed that the new 100-dong banknote funded by leading foreign banknote manufacturers from Germany, Switzerland, and France SBV vice governor Dao Minh Tu told Tuoi Tre (Youth) newspaper.

The foreign banknote manufacturers will cover the costs for papers, inks and technology used in printing the bill, Vietnam will do the actual printing process, which only costs very little.

new Vietnam note

The commemorative banknote will not be eligible for circulation and have no legal tender value.

Despite having no legal tender value, the commemorative banknote still need to go through various printing and issuing procedures like legal tender banknotes.

According to Tu, State Bank of Vietnam still need to submit the plan to print banknotes to the Prime Minister for approval.

Asked about the printing expenses, Tu refused to reveal the cost of the printing and the amount of banknotes to be issued.

“Printing and issuing souvenir banknotes is a common practice in many countries,” he said.

“The profit from selling these commemorative banknotes will contribute to the bank’s revenue in accordance with current laws.”

The banknotes will feature the portrait of the late President Ho Chi Minh as well as a number of the country's symbolic items such as the image of ancient coins, a depiction of an ancient Ngoc Lu bronze drum and a portrait of Phu Dong Thien Vuong (Saint Giong), a Vietnamese legendary hero.

The commemorative notes is available for purchase as a collection for VND20,000-25,000 a piece.

Tu also reply to Public who worries that the commemorative banknotes plan will only be a wasteful project.

“The only reason is to celebrate the 65th anniversary of SBV’s establishment,” he asserted.

“We use a new kind of paper and modern technology to print 100-dong bills, which depict iconic cultural, socio-economic, and historical values of Vietnam, contributing to the faith and pride that Vietnamese citizens have in their country’s currency.”