5000 Đồng

The National Bank of Vietnam was established only in 1951, and this 1953 series represented one of its earliest substantial emissions — issued while the First Indochina War was still being fought and French political authority over the territory remained deeply contested. Having the Banque de France print the notes was not a neutral logistical choice; it reflected the monetary arrangements underpinning the Associated State of Vietnam under Bảo Đại, which retained close financial ties to Paris even as the military situation deteriorated.

The 5,000 Đồng was the highest denomination in the series. At that value, it would rarely have passed through ordinary hands.