On January 9, 2025, within the framework of the 47th meeting of the Vietnam - Laos Intergovernmental Committee, the State Bank of Vietnam (SBV) and the Bank of the Lao People's Democratic Republic (BOL) held a ceremony to announce the bilateral retail payment service using QR codes between Vietnam and Laos. The event took place under the witness of Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone.
On the side of the Vietnamese banking sector, the event was attended by Deputy Governor of the State Bank of Vietnam Pham Tien Dung, representatives of the Payment Department, the International Cooperation Department and the Foreign Exchange Management Department. On the side of representatives of the participating units, there was Mr. Nguyen Quang Hung - Chairman of the Board of Directors of the National Payment Corporation of Vietnam (NAPAS) and representatives of a number of Vietnamese commercial banks.
On behalf of the Lao banking sector, the ceremony was attended by Deputy Governor of the Lao PDR Soulysak Thamnuvong, Mr. Manolith Soumphonphacdy - Chairman of Lao National Payment Network Joint Stock Company (LAPNet) and representatives of several Lao commercial banks.
In order to implement the policy of the leaders of the Party and Government of Laos and Vietnam on promoting the use of local currencies, contributing to strengthening economic connectivity between the two countries, recently, under the direction of the Central Banks of the two countries, NAPAS and LAPNet have connected to deploy bilateral retail payment services using quick response codes (QR) between Vietnam and Laos. Up to now, the service has been ready to provide to customers of 07 Vietnamese banks and 14 Lao banks.
Prime Minister Pham Minh Chinh and Prime Minister Sonexay Siphandone, together with representatives of the Ministry of Planning and Investment, the Central Banks of the two countries, representatives of NAPAS and LAPNet, performed the launching ceremony of the bilateral retail payment service using QR codes between Vietnam and Laos. The event is an important milestone as well as evidence of the effective cooperation between the Central Banks and the banking systems of the two countries in the field of currency and payment, thereby actively supporting economic cooperation, trade, investment and people-to-people exchange between the two countries.
Emphasizing the significance of the official implementation of the cross-border payment method using QR codes between Vietnam and Laos, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said: The efforts of the State Bank and the banking systems of the two countries to promote local currency cooperation in recent times will contribute to creating new momentum in trade and investment cooperation between the two countries, making positive contributions to the special friendship and solidarity between Vietnam and Laos.
In the first phase, the service is applied to Vietnamese customers paying by QR code in Laos. Customers use the mobile banking app of commercial banks including VietinBank, BIDV, Vietcombank, Sacombank, TPbank, BVBank and Nam A Bank to scan LaoQR to pay for goods and services at payment acceptance points of 14 banks in the LAPNet member network.
Transactions will be made in the local currencies of the two countries (LAK/VND) and converted directly at the exchange rate at the time of payment, thereby bringing many benefits as well as a seamless, fast and convenient payment experience to customers.
In the coming time, NAPAS will continue to coordinate with LAPNet to implement payments for Lao people when traveling to Vietnam by scanning VietQR codes; at the same time, expand the number of member banks participating in the service provision to meet the payment needs of people of the two countries.
Under the direction of the State Bank, NAPAS is currently the unit assigned to coordinate with banks to deploy cross-border payment connections between Vietnam and countries in the region. NAPAS has completed connecting cross-border payment services using QR codes with Thailand, Cambodia and Laos. The service is also expected to be expanded by NAPAS to other countries such as China, Korea and Japan.
To enhance the convenience and simplicity for international visitors to Vietnam to pay by QR code, NAPAS has standardized and launched the VietQRGlobal identification set for cross-border payment transactions, thereby increasing recognition for foreign visitors as well as cross-border QR code payment acceptance points in Vietnam.
