Q&T secures major banknote substrate contracts as polymer currency demand remains robust

Q&T secures major banknote substrate contracts as polymer currency demand remains robust

This marks another milestone in the Vietnamese company's growing role in currency production.

Lương Ngọc Anh, chairman of Q&T (right) and Nguyễn Đức Cường, chairman of NBPP (left) at the signing ceremony to provide security printing substrate code B07 on December 5. — Photo courtesy of Q&T

Q&T Hi-tech Polymer last week signed an agreement with the National Banknote Printing Plant of Vietnam (NBPP) to supply security printing substrate coded B07, marking another milestone in the Vietnamese company's growing role in currency production.

The contract grants Q&T the right to supply polymer substrate for the VNĐ100,000 denomination under the 2026 production plan.

This follows Q&T's earlier success in winning an international tender to supply the same VNĐ100,000 denomination for 2025.

In addition to high-value notes, the company is also supplying security printing substrates for the VNĐ20,000 and VNĐ50,000 denominations.

The latter two denominations, particularly the 50,000 and 100,000 notes, are subject to significantly higher security requirements due to their circulation value and usage patterns.

International recognition

Earlier this month, Q&T participated in the HSP Asia Conference 2025, held from December 1–3.

Banknote Industry News highlighted the company's product innovations, particularly its approach to security integration in polymer substrates.

Q&T 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 noted that the embedded approach also allows for continuous artistic design across the full surface of the banknote, without interrupting or distorting security effects.

Lương Ngọc Anh, chairman of Q&T (right) and Nguyễn Đức Cường, chairman of NBPP (left) at the signing ceremony to provide security printing substrate code B07 on December 5. — Photo courtesy of Q&T

Previously, in November, Q&T Chairman Lương Ngọc Anh delivered a presentation at Mint and Print 2025 (MAP2025) in Istanbul, one of the world's leading conferences dedicated to minting and secure printing technologies.

The event brought together representatives from 50 central banks, secure paper manufacturers, mints and printing facilities, along with around 250 industry experts.

Data from a Banknote Industry News survey conducted between June and October showed that global cash demand remains positive, recording growth of 4.6 per cent in 2024 compared with 2023, following post-COVID normalisation.

Contributing factors included inflation, continued reliance on cash in rural areas and cultural preferences for cash savings.

Given the high worldwide demand, Q&T believes its substrates will benefit central banks by enhancing security integrity, extending note lifespan, reducing replacement frequency and lowering environmental impact.

Q&T's technological capabilities have been reinforced by its repeated success in international tenders supplying NBPP over the past three years. The company noted that its operations are supported by ISO certifications and ongoing cooperation with secure printing partners worldwide.

Participation in Mint and Print 2025 also provided Q&T with an opportunity to engage with central banks and industry stakeholders globally.

According to Ngọc Anh, Việt Nam has moved from dependence on imported technologies towards full technological autonomy in polymer banknote production.

"From reliance, Việt Nam has now become fully self-reliant in technology," he said, adding that Q&T is actively working with multiple countries and preparing to deploy expert teams to support banknote design and production.

He also noted the company's readiness to invest abroad where cooperative frameworks are in place. 

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