Vietnam to auction unused coin currency as scrap

Created 14 May 2019
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Vietnam will auction over 600 tons of coins, whose minting has been stopped for years now because of their lack of popularity.
Vietnam to auction unused coin currency as scrap

The State Bank of Vietnam (SBV) said it would auction the coins after turning them into metal scrap with a reserve price of VND48 billion ($2 million).

Any organization interested in bidding for the auctioneering contract should have at least five auctioneers each with at least five years of experience.

This company also needs to have auctioned at least VND45 billion ($19.3 million) worth of assets last year.

Vietnam began minting coins in 2003 to facilitate payment on buses and vending machines.

But they were met with public apathy because they were not durable and hard to use due to their small size.

The SBV stopped the production in 2011.

Source: VNE

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