Việt Nam, Laos promote QR payments, targeting $10 billion in bilateral trade

Việt Nam, Laos promote QR payments, targeting $10 billion in bilateral trade

The initiative is expected to provide businesses, tourists and residents with convenient, transparent and secure payment services, while strengthening financial connectivity, reducing reliance on third-country currencies, cutting transaction costs and improving payment efficiency.

Launch of the bilateral retail payment service using QR codes between Việt Nam and Laos in January 2025. — VNA/VNS Photo

Việt Nam and Laos are stepping up a plan to expand cross-border QR code payments and promote the use of their respective national currencies in bilateral financial transactions, aiming to boost trade and investment and achieve US$10 billion in two-way trade in the coming years.

The cooperation plan was discussed during the 2026 annual meeting held in early November, which was attended by the State Bank of Vietnam (SBV) and the Bank of Laos (BOL).  The meeting was co-chaired by SBV Governor Phạm Đức Ấn and BOL Governor Bounkham Volachit.

The two governors reviewed macroeconomic developments, the use of national currencies in payments and cross-border transfers, and progress in connecting retail payment systems via QR codes. They agreed to strengthen cooperation in 2027, with a focus on expanding two-way QR payment services and encouraging the use of the Vietnamese đồng and Lao kip.

The initiative is expected to provide businesses, tourists and residents with convenient, transparent and secure payment services, while strengthening financial connectivity, reducing reliance on third-country currencies, cutting transaction costs and improving payment efficiency.

Việt Nam and Laos officially launched their cross-border QR payment service in Vientiane on January 9, 2025. As of October 2026, the system had recorded more than 25,000 transactions, according to figures released on November 5. The two central banks will continue expanding the network of participating merchants, enabling Lao citizens to use QR payments in Việt Nam for tourism, education, healthcare and business activities.

Việt Nam also pledged to provide technical consultancy through senior banking experts, as well as postgraduate training and professional development for BOL officials.

The two sides also met with representatives of Vietnamese commercial banks operating in Laos, acknowledging their contributions to the Lao economy and bilateral financial connectivity through credit provision, banking services and digital payments. 

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