Vietnam and Laos have introduced an innovative cross-border QR payment system, aiming to bolster tourism and enhance economic ties between the two neighboring countries.
Conceived in 2023, this collaborative effort is spearheaded by the State Bank of Vietnam (SBV) and the Bank of the Lao People’s Democratic Republic. The initiative is backed by the National Payment Corporation of Vietnam (NAPAS), the Lao National Payment Network (LAPNet), and commercial banks operating in both nations.
Seven leading Vietnamese banks—Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank—are now providing a seamless cross-border QR payment service. Through their mobile banking apps, customers can easily scan QR codes at participating merchants in Laos to complete payments. The service integrates with LAPNet’s network of 14 banks in Laos, ensuring extensive coverage and accessibility.
Real-Time Currency Exchange
Payments are processed in both Vietnamese dong (VND) and Lao kip (LAK), featuring real-time currency conversion based on up-to-date exchange rates. This approach guarantees a hassle-free payment experience while promoting the use of local currencies for cross-border transactions.
Boosting Tourism and Regional Ties
The introduction of this cross-border QR payment system is set to drive tourism growth, increase consumer spending, and foster closer cultural exchanges between Vietnam and Laos. It also aligns with ASEAN’s broader goals of enhancing financial integration, supporting regional economic collaboration, and streamlining banking networks.
Plans for Broader Asian Integration
Building on its success in Laos, NAPAS, under the leadership of the State Bank of Vietnam (SBV), has previously established cross-border payment systems with Thailand and Cambodia. Future plans include expanding the service to strategic markets such as China, South Korea, and Japan. This initiative underscores Vietnam’s ambition to create a unified digital payment ecosystem across Asia, simplifying transactions for both travelers and businesses.
By partnering with major financial institutions in these regions, Vietnam aims to lead cross-border payment innovation and contribute to ASEAN’s digital transformation. This secure and efficient system highlights the critical role of digital payments in driving regional economic growth and connectivity.
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