Converting from Vietnam Dong (VND) to Singapore Dollar (SGD)

What is Vietnam Dong (VND)

The Vietnam Dong (VND) is the official currency of Vietnam. Introduced in 3rd January 1985, it replaced the previous currency, the “Dong”, at a rate of 1 new Dong to 100 old Dong. The symbol for the Vietnam Dong is ₫. The currency is issued by the State Bank of Vietnam and comes in various denominations, both in coins and banknotes.

One unique aspect of the VND is its inflation history. Vietnam has experienced high inflation in the past, which has led to a significant depreciation of the Dong against major currencies. Today, VND is often exchanged in large quantities due to its relatively low value. As of October 2023, the exchange rate fluctuates, but it is common for 1 USD to equal around 23,000 VND, making it essential to understand conversion factors when traveling or doing business with Vietnam.

What is Singapore Dollar (SGD)

The Singapore Dollar (SGD) is the official currency of Singapore. It was introduced in 1967 and is issued by the Monetary Authority of Singapore, which manages the country's economy and monetary policy. The symbol for the Singapore Dollar is S＄, and it is subdivided into 100 cents. The SGD is known for its stability and is one of the world's most traded currencies due to Singapore's robust economy.

Unlike the VND, the Singapore Dollar has a strong value compared to many other currencies. It is often seen as a safe haven during uncertain economic times. The SGD’s exchange rate has been consistently strong, with 1 SGD equaling about 700 VND, though rates can vary based on the economic landscape and political climate.

Converting VND to SGD

When traveling or conducting business between Vietnam and Singapore, understanding how to convert VND to SGD is crucial. To convert, you can use the following formula:

Amount in SGD = (Amount in VND/Exchange Rate)

For example, if you have 1,000,000 VND and the current exchange rate is 23,000 VND for 1 USD, and considering the rate of 1 SGD is approximately 1.35 USD, you would first convert VND to USD, then USD to SGD.

Amount in SGD = (1,000,000/23,000) × (1/1.35) ≈ 29.62

This calculation helps clarify how much your Vietnamese Dong is worth in Singapore Dollars, enabling travelers and businesses to budget effectively.

In summary, understanding the differences between VND and SGD can enhance your financial readiness when engaging in commerce or travel between Vietnam and Singapore.