CAD 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 CAD/VND exchange rate?
The Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD/THB exchange rate may be determined in part by the value of the CAD relative to the value of the USD. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.1
The Vietnamese dong (VND) is known as a volatile currency, and the State Bank of Vietnam is in charge of determining VND exchange rates based upon 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
“Canada-Vietnam bilateral trade reached an all-time high of nearly $5.5 billion in 2016. Merchandise imports from Vietnam were valued at $5.0 billion, while exports were worth $528 million.” – Government of Canada4
- Canadian businesses have taken advantage of a variety of opportunities in Vietnam in sectors that include aerospace and defence, education and training, agriculture and agri-food, information and communication technologies, and oil and gas.4
- In 2015, Canada was ranked 10th in GDP, while Vietnam ranked 47th.5
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.6 Vietnam was the 24th largest exporter and the 27th largest importer.7
- Canada’s top exports include cars, crude petroleum, refined petroleum, vehicle parts, and planes, helicopters, and spacecraft. Its main imports include cars, vehicle parts, refined petroleum, delivery trucks, and crude petroleum.6
- Vietnam’s top exports include integrated circuits, broadcasting equipment, textile footwear, computers, and leather footwear. Its main imports include refined petroleum, telephones, integrated circuits, crustaceans, and light rubberized knitted fabric.7
Whether you’re planning on doing business in Vietnam or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Vietnam, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
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 CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the VND to CAD exchange rate today.