Việt Nam has launched bilateral QR code payments with China. — Photo courtesy of NAPAS

HÀ NỘI — Việt Nam officially rolled out bilateral QR code payments with China on Tuesday, marking a major step toward integrating the two countries’ retail payment systems and facilitating seamless and safer cross-border transactions.

The service was launched by the National Payment Corporation of Vietnam (NAPAS), UnionPay International (UPI), the Industrial and Commercial Bank of China (ICBC) and Vietcombank.

The announcement follows a Memorandum of Understanding signed in October 2024 during the official visit of Chinese Premier Li Qiang to Việt Nam, witnessed by the two countries’ prime ministers. A subsequent four-party agreement between UPI, NAPAS, ICBC and Vietcombank set the framework for technical connectivity and settlement.

With the technical phase now completed, Chinese visitors can start making payments in Việt Nam by scanning VIETQR Global at participating merchants, including major retailers, shopping centres, tourist sites, restaurants and travel services. Early adopters include Central Retail Vietnam’s supermarket system, Highland Coffee and payment points across the Sun World tourism ecosystem.

A Chinese tourist scans a QR code payment in Việt Nam. — Photo courtesy of NAPAS

The reverse payment direction – allowing Vietnamese consumers to scan UnionPay QR codes in China using NAPAS-member e-wallets and banking apps – is expected to go live in early 2026, forming a fully two-way QR ecosystem for travel, commerce and daily spending.

Larry Wang, vice president and CEO of UnionPay International, said Việt Nam was a key tourism and economic partner for China. He noted that the cross-border QR project, which leverages local-currency settlement, would support RMB internationalisation and create smoother payment experiences for travellers and businesses.

UnionPay, he added, would continue working with NAPAS to build a safe and efficient regional payment ecosystem and boost long-term financial connectivity across ASEAN.

NAPAS CEO Nguyễn Quang Minh said the rollout was a result of close cooperation among all parties under the guidance of the State Bank of Vietnam.

“The service aims to enhance financial connectivity, expand the use of local currencies in cross-border transactions, and support trade, tourism and broader economic cooperation between the two countries,” Minh said. — BIZHUB/VNS