The State Bank of Vietnam will auction the scrap metal from coins which are no longer in circulation.
Over 601 tonnes of coins, after being turned into scrap, will be auctioned at a reserve price of VND48bn (USD2m), or VND80,000 per kilo. The price is exclusive of VAT, loading or transportation costs.
The Technical Centre for Quality Measurement Standards 1 carried out the chemical analysis and testing on the scrap.
The metal coins that worth from VND200 to VND5,000 went into circulation in late 2013 to be used on buses, phone booths and vending machines. However, the coins are of low-quality metal and became rusty quickly. Moreover, they were rarely used because of their low value and lack of everyday practicability.
In April 2011, the State Bank of Vietnam stopped the production of metal coins.