Cross-Border QR Code Payment Service Between Vietnam and China Officially Launches Today, December 2nd

On December 2nd, in Hanoi, the National Payment Corporation of Vietnam (NAPAS) collaborated with UnionPay International (UPI), the Industrial and Commercial Bank of China (ICBC), and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to host the Launch Ceremony for Bilateral Retail Payment Connectivity via QR Code between Vietnam and China.

This event marks a significant milestone in the process of interconnecting payment systems between the two nations, opening up opportunities to promote safe and seamless cross-border transactions. It also contributes to enhancing trade and tourism exchanges between Vietnam and China.

In October 2024, during the official visit of Chinese Premier Li Qiang to Vietnam, under the witness of the leaders of both countries, UPI and NAPAS signed a Memorandum of Understanding on the implementation of cross-border payment services via QR codes. Subsequently, UPI, NAPAS, and the two settlement banks from China and Vietnam, ICBC and Vietcombank, signed a four-party cooperation agreement, reaffirming their shared commitment to implementing bilateral retail payment connectivity via QR codes between Vietnam and China.

After a period of technical implementation with close and effective coordination among the parties, the service has now been officially completed and is ready for market launch.

In the initial phase, Chinese tourists can scan the VIETQRGlobal code to make payments at various acceptance points, including shopping centers, retail areas, tourist spots, restaurants, and retail stores in Vietnam. Notably, with leading retail, F&B, and travel brands such as the supermarket system under Center Retail Vietnam, the Highland Coffee chain, and payment acceptance units within the Sun World ecosystem, the bilateral QR code payment connectivity between Vietnam and China will help Vietnamese businesses attract a large number of Chinese tourists, while providing a fast, convenient, and secure payment experience for visitors.

According to the plan, by early 2026, NAPAS and UPI will complete the reverse payment connectivity, allowing Vietnamese users to scan QR codes using payment apps from NAPAS member organizations to make payments at UnionPay’s acceptance network in China.

The implementation of two-way connectivity will create a complete cross-border QR payment ecosystem, fully serving the consumption, tourism, business, and transportation needs of the people of both countries.

Mr. Larry Wang, Vice Chairman and CEO of UnionPay International, stated: “Vietnam is an important economic and trade partner, as well as a key overseas tourist destination for China. Over the past two decades, UnionPay has extensively developed its presence in the Vietnamese market and established a widely covered payment service network. This cross-border QR code connectivity project leverages the local currency payment mechanism to advance the internationalization of the Chinese Yuan (RMB). Optimizing the cross-border payment experience will further facilitate economic, trade, and people-to-people exchanges between China and Vietnam. UnionPay will continue to strengthen cooperation with NAPAS to jointly build an open, secure, and efficient regional payment ecosystem, contributing to the development of ASEAN’s digital payment infrastructure and driving sustainable financial connectivity among regional countries.”

Mr. Nguyen Quang Minh, CEO of NAPAS, shared: “Under the guidance of the State Bank of Vietnam, as the operator of the national retail payment infrastructure, NAPAS has proactively enhanced international connectivity to implement cross-border payment solutions between Vietnam and other countries in the region. The bilateral retail payment connectivity via QR codes between Vietnam and China is the result of close collaboration between NAPAS, UPI, and the participating banks. This service not only provides a seamless and convenient payment experience for the people of both countries but also strengthens financial connectivity, promotes the use of local currencies in cross-border transactions, and fosters trade, tourism, and broader economic cooperation between the two nations.”

In the project for bilateral retail payment connectivity via QR codes between Vietnam and China, the parties have collaborated to deploy modern digital payment infrastructure, gradually connecting the payment ecosystems of both countries in a synchronized, secure, and internationally compliant manner. The project aims to provide users in both countries with a fast, convenient, and secure cross-border payment method, meeting their diverse needs.