Kohdayar Marri, Pakistan’s Ambassador to Việt Nam (secondfrom the right), visited the Q&T Polymer multi-layer paper factory in Hòa Lạc High-Tech Park. — Photo courtesy of the firm

HÀ NỘI — Kohdayar Marri, Pakistan’s Ambassador to Việt Nam, recently visited the Q&T Polymer multi-layer paper factory in Hòa Lạc High-Tech Park, Hà Nội, expressing astonishment at the factory’s state-of-the-art production line, which marks a significant milestone for Việt Nam.

Officially commencing operations in August 2022, the facility has ended a two-decade reliance on imported polymer money printing materials. As the fifth factory of its kind globally, it positions Việt Nam as the third country capable of producing multi-layer base paper for polymer currency, serving approximately 40 nations.

During his visit, Marri engaged in discussions with Nguyễn Đức Cường, Chairman of the National Money Printing Factory, and Lương Ngọc Anh, Chairman of Q&T High Tech Polymer Company Ltd. He praised the company’s professionalism and exceptional quality, said: “Looking at all the samples, they seem to be second to none.”

Marri emphasised that Q&T's experience would greatly benefit the State Bank of Pakistan and its Treasury, making the task of printing or reprinting currency more efficient.

He also highlighted the potential for Vietnamese businesses in Pakistan, expressing hope that more Pakistani entrepreneurs would visit Việt Nam to explore opportunities. “I’ll have to speak to them about it and maybe get them to come over here and see the factory,” he said.

Q&T has made significant strides since its inception, securing its first contract to supply money printing paper to the National Money Printing Factory in 2023, followed by two additional successful bids in 2024. This rapid progress showcases Q&T’s ability to compete effectively against foreign firms, underscoring Việt Nam’s advancement in polymer currency production.

The company holds an exclusive patent for manufacturing polymer-based paper with nearly ten printing layers, enhancing the security features of its products to meet both domestic requirements and international demands. The establishment of Q&T’s factory demonstrates Việt Nam's commitment to mastering advanced technology in currency production, following a journey that began in the mid-1990s.

Việt Nam’s venture into polymer currency was notably influenced by Prime Minister Võ Văn Kiệt’s trip to Australia in 1998, where he learned about the advantages of polymer banknotes. Despite proposals for a transition being made at that time, implementation did not occur until December 2003. Now, Việt Nam stands alongside Australia and the UK in producing polymer banknotes, with around 75 billion polymer notes currently in circulation globally.

A view of Q&T’s factory. Photo courtesy of the firm

Q&T’s factory is built under a specific contract with a German company. It not only focuses on producing currency, but also aims to manufacture security documents such as passports and anti-counterfeiting certificates. This strategic approach will help the factory reduce the National Money Printing Factory's reliance on foreign suppliers and improve negotiation leverage for better pricing.

At a recent patent award ceremony, Deputy Minister of Science and Technology Nguyễn Hoàng Giang noted a significant increase in patent applications from Vietnamese organisations. In 2022 alone, Vietnamese entities submitted 1,340 applications - more than 1.5 times the average of the previous five years - and received 329 protection certificates, a 40 per cent increase from earlier periods. This surge reflects a strong commitment to investing in science, technology and innovation in Việt Nam.

Q&T Polymer High Technology Company has made substantial investments to enhance its technology. The company has secured one patent for its security polymer materials and production processes, with four additional applications currently under review. Giang commended Q&T’s dedication to innovation, especially as the world navigates the post-pandemic recovery and various macroeconomic challenges.

As part of its strategy, Q&T plans to continue registering patents both in Việt Nam and internationally. The company’s commitment to scientific advancement is evident in its development of multi-layer base paper with nearly ten distinct printing layers, significantly enhancing the security of its currency products. This innovation strengthens Việt Nam's position as a competitive player in the global market, emphasising the effectiveness of polymer money over traditional paper currency.

A representative from Q&T Polymer High Technology Company received the patent for its security polymer materials and production processes. Photo courtesy of the firm

The co-operation between Q&T and Crane Currency, a prominent American company specialising in paper for money printing, is a key aspect of this advancement. This partnership aims to integrate advanced security features into Q&T’s multi-layer base paper. Crane Currency, with a long-standing history in the industry since 1801, will assist Q&T in promoting its products in international markets.

David Bonnici, Process Engineering Manager at Crane Currency, noted the successful integration of their MOTION SURFACE® security strip into Q&T’s polymer base paper. This collaboration will enhance the security features of Q&T's products, further increasing their appeal in the market. Experts from Crane Currency are currently evaluating these new security measures through extensive testing to ensure effectiveness.

The contract for producing polymer base paper for the VNĐ20,000 banknotes marks an early success for Q&T in the polymer currency sector, showcasing their operational and technical capabilities. Sam Keayes, President of Crane Currency, congratulated Q&T for its achievements and highlighted the exciting opportunities that lie ahead for the company.

On August 29, the two companies officially exchanged a long-term cooperation agreement signed earlier at the Q&T factory in Việt Nam. Crane Currency will assist Q&T Vietnam in introducing its multi-layer polymer paper products to international markets. This marks the beginning of a promising journey for a private enterprise in the high-tech sector, which has invested over VNĐ1.1 trillion (US$45 million) in building this factory. While still young and facing challenges, Q&T is determined to expand its reach globally.

"From now on, Việt Nam will no longer depend on foreign countries and is ready for fair and equal competition," Q&T's representative said.