In Vietnam, 1 trillion means 1 million, 10 trillion means 10 million.

According to the latest exchange rate:

1 Vietnamese dong =0.0002763 RMB.

1 RMB ≈ 3,619.3555 VND.

therefore

10 trillion vnd 1000000 * 0.00763 = 2763 RMB.

Extended data

I. Vietnamese dong

Vietnamese dong (Vietnamese: __ng, Chinese character: copper), the monetary unit of Vietnam. Indicated by the "_" symbol. The units of token are Hao (milli) and Xu (pivot), 1 Dutch guilder = 10 Hao or 100 Xu, and it is rarely used because of its small face value. It is usually placed in the name of a country and later expressed in monetary units.

Some overseas Vietnamese, such as American Vietnamese, call the "shield" Vietnamese Dong. (__ng Vi_t Nam, Chinese character: Tong Yue, "Vietnamese Dong" is the translation name. )

Second, the plight of the Vietnamese dong

The situation in Vietnam is really special. Because this country has a large trade deficit, it relies on remittances and direct investment. Compared with Indonesia and Thailand, Vietnam's exports account for more than twice the GDP. Mercantilist thinking hopes that the currency exchange rate will be lower to support exports. The active foreign exchange black market in some gold shops in Ho Chi Minh City also holds this idea. The latest measures taken by the Central Bank of Vietnam-following the median reduction of the trading range of the Vietnamese dong against the US dollar by 5.4% in October11October, and then by 3.4% in February-have brought the official exchange rate close to the unofficial exchange rate. This is expected to temporarily calm the fluctuations.

However, protecting exporters may have undesirable side effects. According to the estimation of Barclays Capital, every time the Vietnamese dong depreciates 1% against the US dollar, the inflation rate will increase by about 15 basis points. To make matters worse, the willingness to depreciate will only encourage investors and Vietnamese nationals (who already hold a large proportion of foreign exchange and gold assets) to avoid the local currency. When the VND hit a record low of 65,438+0 USD to 65,438+09,395 VND yesterday, the trend of the forward derivatives market shows that the VND exchange rate will exceed 20,000 within three to six months.

Central bankers can only do so much to balance unbalanced economies, whether rich or poor. They intervene to restore confidence in the local currency, but the more they intervene, the less reliable they become.