The quantity of counterfeit money has fallen dramatically since Vietnam started using polymer banknotes, reports the State Bank of Vietnam.

According to the State Bank of Vietnam, the total number of counterfeit banknotes collected by the banking system in 2009 fell by three percent compared to 2008 and nearly 20.5 percent compared to 2007. Polymer banknotes accounted for over 90 percent of the total number of counterfeit banknotes, with mainly face values of 100,000 dong and 50,000 dong.

However, techniques to make counterfeit polymer banknotes are still primitive. False polymer banknotes can be detected easily by eye or touching the counterfeit money by hand.

From 1999-2004, banks collected over 1 million counterfeit cotton banknotes with face values of 5,000 to 100,000 dong. Since polymer banknotes were issued in 2004, the number of counterfeit polymer banknotes collected by banks from 2004-2009 was equivalent to 20 percent of the total false cotton banknotes collected during the 1999-2004 period.

PV