AUD to VND Exchange Rate
Ah, Vietnam: Land of cashew nuts, black peppercorns and about 16% of all animal species on the planet. Who knew?
What influences the AUD/VND exchange rate?
The State Bank of Vietnam is in charge of determining VND exchange rates based on the supply and demand for foreign currencies. The bank announces exchange rates and makes decisions regarding the exchange rate regime and the mechanism of regulating exchange rates.2
In 2016, the State Bank of Vietnam adopted a more flexible exchange rate mechanism by setting the mid-point rate of the VND against the USD daily. This mechanism calculates a daily reference rate based upon a weighted average of VND prices against eight foreign currencies in the US, EU, China, Taiwan, Japan, Thailand, Singapore, and South Korea. Prior to that, it had used a system in which the VND was traded around a fixed rate that the bank adjusted just a few times every year.3
The Vietnamese dong can experience rapid daily declines and is known as a volatile currency. In the last five years, it has gained slowly against the AUD, but that’s due more to the declines in the Aussie dollar as demand for commodities retreated. Against the USD, the dong has declined steadily for the last ten years. Widening trade deficits and concerns about investors pulling money out of Asia are two factors affecting the decline.
“Vietnam was Australia's fastest growing export market in ASEAN during the 10-year period 2003-2013 and this trend continues.” – Australian Government Department of Foreign Affairs & Trade4
In 2014, Australia was Vietnam’s 8th largest export market, and Australian investment in Vietnam was nearly $1.2 billion.4
Australia’s top exports to Vietnam include crustaceans, live animals (excluding seafood), wheat, and aluminium. Its major imports from Vietnam include footwear, telecom equipment and parts, crude petroleum, and furniture, mattresses, and cushions.4
In 2015, Vietnam was ranked 47th in GDP, while Australia ranked 12th.5
In 2014, Vietnam was the 28th largest exporter and the 31st largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.6,7
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Currency Name: Vietnamese Dong
Currency Code: VND
Currency Symbol: ₫
Central Bank: State Bank of Vietnam
Countries Used In: Vietnam
Major Unit: One Dong
Minor Unit: Hào = 1/10 of a Dong, Xu = 1/100 of a Dong
Note Denominations: 100₫, 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫
Coin Denominations: 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫
VND to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the VND to AUD exchange rate today.