Vietnam-Laos QR payments launched to boost trade and tourism

This initiative, conceptualised in 2023, is a result of joint efforts by the State Bank of Vietnam (SBV) and the Bank of the Lao People's Democratic Republic. The project is supported by the National Payment Corporation of Vietnam (NAPAS), the Lao National Payment Network (LAPNet), and commercial banks from both countries.

Seven Vietnamese banks – Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank – are offering the service. Customers using these banks’ mobile banking apps can scan Lao QR codes at participating merchants to make payments. The service integrates with LAPNet’s network of 14 banks in Laos, ensuring widespread adoption.

Real-time currency conversion

Transactions are processed in the local currencies of both countries – Vietnamese dong (VND) and Lao kip (LAK) – with real-time currency conversion based on prevailing exchange rates. This ensures a smooth payment experience for consumers while promoting the use of local currencies in cross-border transactions.

The cross-border QR payment service is expected to stimulate tourism, facilitate consumer spending, and improve people-to-people interactions between Vietnam and Laos. Additionally, the service contributes to ASEAN's growing focus on financial and banking integration, supporting regional economic connectivity.

Expansion across Asia

NAPAS, under the guidance of the SBV, has previously implemented similar cross-border payment systems with Thailand and Cambodia. Plans are underway to extend the service to other key markets, including China, South Korea, and Japan, further advancing Vietnam’s financial integration within Asia. The expansion aims to establish a cohesive digital payment ecosystem across the region, simplifying transactions for travellers and businesses alike. By building partnerships with major financial institutions in these countries, Vietnam is positioning itself as a leader in cross-border payment innovation and a driving force in ASEAN's digital transformation.

By enabling secure and efficient payments, this initiative highlights the potential of digital payment solutions in fostering economic growth and regional collaboration.