20 Piastres

Banque de l'Indochine's wartime production shifted entirely to local facilities after sea routes to France became untenable following the fall of 1940. The Imprimerie d'Extrême-Orient in Hanoi took on full responsibility for the colonial currency supply — a significant departure from the pre-war norm of metropolitan French printing houses handling the work. Trần Tấn Lộc's dual credit as both designer and engraver is unusual for the period and points to a genuinely local creative process rather than adapted European plates.

The Japanese occupation administration permitted the Banque de l'Indochine to continue operating through most of this period, which is why these notes carry institutional continuity despite being produced under occupation conditions. That arrangement ended abruptly with the Japanese coup of March 9, 1945.