Where should I put my Dong?

Question

I'm an American in Vietnam, and I get paid in vietnamese Dong, however it is expected to decline sharply over the next 6-24 months, I cannot exchange or buy dollars with it at the bank. Where do I put it so my savings appreciate rather than depreciate?

Answer 1

Well...gold is good, but what if you go back to the US? Can you bring a great amount of gold with you, or you have to exchange it for US dollars?

I think you should cash your VND and exchange for USD. If you can't do it at your bank, then you can go to any Jewelry store to exchange. Keep your money or put it back in your bank is up to you, but you shouldn't bring a lot of cash with you in VN. hope it helps.

Answer 2

As of yesterday the banks are paying 17% on the dong.  A good place to leave your money and watch it grow.  If you do want your money changed to dollars.. go to the local gold and jewlery dealers and they will help you out.  They function like a secondary banking system.  Many Viets keep their spare money in wearable gold.  good luck with this!

Answer 3

Buy something readily convertible, like gold.

There's a lot of financial uncertainty around the world at present so gold is at record prices. It's a poor long-term investment unless you're lucky to buy when it's cheap, but it is a useful vehicle for portable and convertible wealth.

Answer 4

Well I don't know about appreciate, but gold is pretty stable around the world, so if you can buy gold at a decent price that's what I'd do.