Mr. Nguyen Duc Lenh – Deputy Director of the State Bank of Vietnam (SBV) branch in Ho Chi Minh City shares that in order to effectively combat counterfeit money and protect Vietnam’s currency, as well as to minimize the situation of improper exchange of new money, every citizen, organization, and individual needs to fully understand the rights and responsibilities in protecting the national currency. This not only involves complying with the laws and regulations, limiting risks and related misconduct, but also cherishing, protecting, and taking pride in the national currency.
First, it is necessary to fulfill the civic responsibility, as well as the responsibility of organizations and individuals, in combating counterfeit money and protecting Vietnam’s currency. This includes properly implementing the provisions of Article 20, Decree No. 87/2023/NĐ-CP by the Government regarding the preservation of Vietnamese currency during management and utilization; the requirement for functional agencies to inspect counterfeit and counterfeit-like money as regulated; promptly informing the nearest police, military authorities, customs authorities of any violations of the regulations on combating counterfeit money and protecting Vietnam’s currency; and complying with the regulations on managing, photocopying Vietnamese currency.
Second, protect Vietnam’s currency. Vietnamese currency (genuine money), including banknotes and coins issued by the SBV, are legal means of payment according to the law. Therefore, currency may become torn, damaged, or deformed during circulation or preservation due to objective factors. However, every citizen, organization, and individual needs to be fully aware of the responsibility to protect Vietnam’s currency. Intentionally damaging or deforming Vietnamese currency is illegal and must be strictly dealt with according to regulations.
Related to this issue, making art using Vietnamese currency that leads to the destruction of Vietnamese currency is a violation of the law and should be strictly punished to enhance awareness and responsibility in protecting Vietnam’s currency as regulated by the law.
Third, regarding the issue of exchanging new money and receiving a percentage difference. Only SBV branches in provinces, cities, and credit institutions are allowed to exchange money that does not meet circulation standards (torn, damaged, deformed money). This is a function of the SBV and credit institutions which are carried out through activities such as selecting money, cash counting, and cash transactions to improve the quality of money in circulation, ensuring good service of commodity and currency circulation. Therefore, any activities of receiving, exchanging new money to get a percentage difference, as well as advertising new money exchange on the internet, are violations of the law and must be strictly dealt with according to regulations. Citizens need to fully understand this issue to not only comply with the law but also limit associated risks, the risk of losing money through deceptive tricks of exchanging new money on social media.
Above are the legal regulations regarding the responsibilities of citizens, organizations, and individuals in combating counterfeit money and protecting Vietnam’s currency, as well as related provisions on exchanging money that does not meet circulation standards. It is important that every citizen, organization, and individual fully understand these matters in order to effectively fulfill their rights and responsibilities.
Furthermore, from the perspective of the value of currency and the national pride in Vietnamese currency, which is the national currency and a legal means of payment protected by law, serving the country’s socio-economic development, carrying out monetary policy tasks and commodity circulation, it is the product of labor, the asset of the people and the country. Therefore, every citizen needs to protect, appreciate, and take pride in Vietnamese currency. It is not only prohibited to damage the currency but also to not affect the image of Vietnamese currency.
