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Silver Price Vietnam
Vietnam is known officially as the Socialist Republic of Vietnam. The country is located in Southeast Asia, and has a population of approximately 95 million people, making it one of the largest countries in Asia and the entire world. The capital of Vietnam is Hanoi, while its largest city is Ho Chi Minh City. Hanoi has been the country’s capital since the reunification of North and South Vietnam in 1976. The Vietnamese Government is a single party socialist republic, and the nation gained its independence from France in 1945.
The official currency of Vietnam is the Vietnamese Dong. The dong has been the official currency of Vietnam since 1978. Although the dong can be subdivided into smaller units of currency, use of coins in the country has declined significantly and coins are typically only accepted by banks. Both North and South Vietnam previously used the dong as their respective currencies, and the currency was unified when the two nations became reunified.
The initial dong coins were minted with aluminum in Germany. Due to the effects of hyperinflation, however, the coins eventually lost all of their value. The Mint of Finland began producing a second edition of the dong in 2003 and produced the coins using nickel and brass clad steel.
The State Bank of Vietnam is the official central bank of the nation. The central bank was established in 1951, and is headquartered in the capital city of Hanoi. The State Bank of Vietnam is not only in charge of managing the country’s currency, but is also tasked with managing its foreign reserves, currency exchange rates, promoting monetary policy and oversight of the financial system.
If you are looking to buy silver in Vietnam, you will see prices quoted in the local currency. Silver prices may also be available in other major global currencies as well, including U.S. Dollars, Chinese Renminbi, euros, Great British Pounds and more. Silver is typically quoted by the ounce, gram or kilo, although other local units of measure may also be used.
The economy of Vietnam is considered a mixed economy, and it has seen significant growth in recent decades. The country is heavily involved in fishing and agriculture, and is a major exporter of coffee and rice. The country has also become a major tourist destination, and tourism now contributes a substantial amount to the nation’s GDP. The nation is also involved in other key industrial arenas including electronics, clothing, marine products, machinery and more.
Due to its industrial manufacturing businesses and the further advancement of its economy, demand for silver in Vietnam could potentially increase dramatically in the years and decades ahead. Silver is currently used in a wide variety of industrial arenas including chemical production, solar energy, electronics and more. More uses for the metal are likely to be discovered as well. Investors may also look to the metal as a means of added portfolio diversification and for its potential ability to hedge against inflation or declining paper currency values.