Q&T’s polymer technology set to cross continents

Q&T’s polymer technology set to cross continents

Q&T is currently one of the few companies worldwide able to produce the specialised polymer substrate used for banknotes.

Lương Ngọc Anh, chairman of Q&T, welcomes the ambassadors at the Q&T factory in Hoà Lạc Hi-Tech Park. — VNS Photo Ly Ly Cao

A delegation of ambassadors visited the Q&T Hi-tech Polymer factory this week, offering a close look at Việt Nam's growing capability in polymer banknote production and the company's broader ambitions to support global currency modernisation.

The visit, which included representatives from Argentina, Colombia, the Dominican Republic and Panama, was also joined by officials from the National Banknote Printing Plant of Vietnam (NBPP).

Their discussions centred on how countries can shift from traditional paper currency to polymer notes, an increasingly necessary step to improve durability, reduce counterfeiting risks and lower long-term costs.

"We believe the transition to polymer banknotes is not just a technological choice, but a step toward stronger monetary security and sustainability," said Lương Ngọc Anh, chairman of Q&T, in welcoming the delegation.

He emphasised that polymer banknotes last longer, handle harsh climates better and align with environmental commitments.

Vietnamese innovation gains recognition

Q&T is currently one of the few companies worldwide able to produce the specialised polymer substrate used for banknotes.

The company highlighted that its materials have already been adopted by Việt Nam's national printing authority and circulated in Việt Nam with very positive feedback from the public.

This milestone places Việt Nam among a very small number of countries capable of securing and controlling this critical aspect of monetary production.

However, Ngọc Anh noted that the global polymer banknote industry is traditionally dominated by large, long-established suppliers, making access difficult for many developing nations. Cooperation, he said, could help level the playing field.

"Our vision is simple: together to be better," he told the delegation.

"Countries can share resources, reduce dependency, and build technological confidence."

Lương Ngọc Anh, chairman of Q&T, welcomes the ambassadors at the Q&T factory in Hoà Lạc Hi-Tech Park. — VNS Photo Ly Ly Cao

The ambassadors acknowledged the challenges faced in their own national currency systems and expressed interest in how polymer banknotes could help address them.

Argentina's Ambassador Marcos Antonio Bednarski pointed to his country's inflation-related currency issues and the strain caused by frequent circulation of low-value banknotes.

He called Q&T's development a promising direction and raised questions about transition strategies and production capacity.

Colombia's Ambassador Camila María Polo Floréz noted that her country also faces persistent counterfeiting risks.

She said Q&T's example demonstrates that countries in the Global South can develop 'high-security currency technology' and suggested that shared investment or regional production could support wider access.

In response, Ngọc Anh affirmed that Q&T is prepared to build production facilities abroad, a key difference from traditional suppliers that only export material.

"Our strategy is cooperation. We are ready to invest and build factories in partner countries where the currency is used," he said.

Q&T's Latin American expansion proposal

Even though Panama's use of the US dollar means it does not print its own banknotes, after the trip to Q&T plant, Panama's Ambassador Nubiela Yanarith Ayala Modes saw a great potential in the industry.

She went a step further, formally suggesting that Q&T consider Panama as the site for a regional polymer substrate plant serving Latin America.

"Panama is in a very strategic position. If Q&T establishes a plant in Panama, it could supply many countries across the region. We are ready to discuss the investment advantages that Panama can offer," she told Việt Nam News and Law.

She hopes to discuss more with Q&T about this promising collaboration. 

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