Representatives Mobifone Digital Payment Joint Stock Company (MDP) and the National Payment Corporation of Việt Nam (NAPAS) signed the agreement. — Photo courtesy of  the firms

HÀ NỘI — Mobifone Digital Payment Joint Stock Company (MDP) and the National Payment Corporation of Việt Nam (NAPAS) have signed a memorandum of understanding (MoU) to co-operate on developing interoperable connections between their financial switching systems, in a move aimed at modernising and strengthening the country’s national payment infrastructure.

The agreement marks a step towards building a more synchronised, secure and flexible payment ecosystem, helping to improve customer experience and expand access to advanced digital financial and consumer services.

As Việt Nam’s digital economy continues to grow rapidly, the development of a connected and adaptable payment infrastructure has become increasingly important. Industry experts say enhanced interoperability among payment systems will support new business models, accelerate the national digital transformation agenda and advance the Government’s vision of a digital economy and digital society.

Under the MoU, MDP and NAPAS, both licensed providers of financial switching and electronic clearing services, agreed to establish a long-term partnership to deliver greater value to their member institutions while contributing to the sustainable development of the domestic payment market.

The two sides will jointly study and assess solutions to connect their financial switching systems. The research will focus on key elements including system architecture, technical connectivity plans, operational processes and governance models, alongside requirements for safety, information security, risk management and regulatory compliance.

MDP will also share details of a new payment initiative currently under development, with both sides evaluating opportunities to expand co-operation across suitable payment services.

In addition, the partners plan to broaden account-based payment services, including domestic and cross-border QR code payments, leveraging the VietQR brand and related acceptance point identification standards to enhance convenience and consistency for users.

They will also co-ordinate the development of a set of common operating rules for account-based payment services. The framework is expected to promote transparency, fairness and safety across the market, laying a foundation for more efficient system-wide operations.

The co-operation aligns with the Government’s policy direction under Decision No. 1813/QĐ-TTg, which seeks to accelerate cashless payments and build a modern, safe and efficient national payment infrastructure. Greater connectivity among switching systems is expected to optimise social resources, enable service providers to better utilise shared infrastructure and foster sustainable growth of Việt Nam’s payment ecosystem.

Speaking at the signing ceremony, Phan Thanh Sơn, General Director of MDP, said the partnership represented an important milestone in the company’s digital payment infrastructure strategy.

“The MoU with NAPAS marks a significant step forward for MDP. Through close coordination between our two switching organisations, we expect to develop effective interoperable models, expand access to payment services for member institutions, and contribute to the long-term development of Việt Nam’s payment market,” Sơn said.

Nguyễn Quang Minh, General Director of NAPAS, said MDP’s entry into the market would bring fresh momentum and healthy competition.

“Today’s agreement allows both NAPAS and MDP to leverage our respective strengths to deliver practical value to society and support the sustainable development of the payment market,” Minh said. — VNS