Việt Nam's banknotes are no longer printed on Guardian™
Việt Nam began issuing its higher-denomination, circulating banknotes on polymer beginning with 50,000-dong and 500,000-dong banknotes in 2003. The other denominations (10K, 20K, 100K and 200K) followed in subsequent years. Up to and including 2023, the polymer substrate used for all denominations was Guardian™, produced by CCL Secure. The banknotes were first printed by Note Printing Australia (NPA), followed by the domestic National Banknote Printing Plant (NBPP), now the sole institution authorized to print Vietnamese currency. (Note: The first two digits of the serial number denote the year of printing.)
As Việt Nam remains firmly in control of its banknote printing capabilities, domestic firms like Q&T Hi-tech Polymer are enhancing the country's financial autonomy, while also positioning themselves as strong competitors in the global market for polymer banknote materials. The NBPP has transitioned to using local suppliers for polymer substrates, a market that was long dominated by foreign providers. As mentioned above, the last Vietnamese polymer banknotes printed on Guardian™ were produced in 2023. In 2024, only the 10K, 20K and 50K denominations were issued, all of them printed on Q&T's polymer substrate.
Despite being a Vietnamese company, Q&T underwent rigorous testing and evaluation by the State Bank of Vietnam and the NBPP to qualify as a supplier for recent tenders. Q&T initially successfully met the requirements for the 10,000- and 50,000-dong denominations, including the challenging diffractive optic element (components that manipulate light properties through diffraction), showcasing the capabilities and expertise of Q&T. Through their partnership with the State Bank of Vietnam and NBPP, Q&T now contributes to the Vietnamese currency on the circulating 10,000-, 20,000-, and 50,000-dong banknotes.
On December 5, 2025 at the NBPP, a contract-signing ceremony was held for the supply of security printing substrate, code B07 – 2026, between the NBPP and the contractor consortium of Q&T and TFS (TFS Solutions And Technology Investment Joint Stock Company). The contract grants Q&T the right to supply the polymer substrate for the VND 100,000 denomination under the 2026 production plan. This follows Q&T's earlier success in winning an international tender to supply the same VND 100,000 denomination for 2025. (Note: As of December 2025, no 2025-dated banknotes have yet been released into circulation.)
"Banknote Industry News" has highlighted the company's product innovations, particularly its approach to security integration in polymer substrates. Q&T has now introduced POLY-SHIELDED, described as the world's first polymer banknote substrate embedding multiple optical variable devices (OVDs) within the structure of the polymer itself. According to the company, most traditional banknote security features, such as holograms, foils and specialty inks, are applied on the surface, leaving them vulnerable to wear, moisture, chemicals, removal or imitation over time. By contrast, POLY-SHIELDED integrates protective and optical features directly into the polymer layers, creating a tamper-resistant structure designed to withstand friction, humidity, UV exposure and contamination. Q&T has noted that the embedded approach also allows for continuous artistic design across the full surface of the banknote, without interrupting or distorting security effects.
Stay tuned for further developments.
Donald Ludwig, December 31, 2025
