10 Đồng

The National Bank of Vietnam was established in 1951 under the Associated State of Vietnam, and its early note series were entirely dependent on foreign printing — De La Rue in London handling production while the country itself remained entangled in the final stages of the First Indochina War. This 1955 issue came after the Geneva Accords had formally partitioned the country at the 17th parallel, making it effectively the first banknote series issued by a sovereign southern Vietnamese government rather than a French-backed administration.

De La Rue's watermarked paper stock was standard for their colonial and post-colonial contracts of the period. The P#3 is the 10 Đồng denomination from that founding series — scarce in high grade due to heavy circulation in an economy still rebuilding from wartime disruption.