Vietnam and Laos have officially launched a new framework for settling payments in their local currencies and a cross-border QR code payment system.

The initiative, announced at the 47th meeting of the Vietnam-Laos Intergovernmental Committee, aims to boost bilateral trade, investment, and tourism.

Vietnamese Prime Minister Pham Minh Chinh and Lao Prime Minister Sonexay Siphandone were present at the launch.

The framework, developed jointly by the State Bank of Vietnam and the Bank of the Lao P.D.R., allows businesses and individuals to conduct transactions in Vietnamese Dong or Lao Kip, reducing reliance on foreign currencies and lowering transaction costs.

This move is expected to facilitate trade and investment between the two countries, particularly for Vietnamese companies operating in Laos.

In addition, the launch of a cross-border QR code payment system will enable consumers and visitors to make quick and secure payments for goods and services using their mobile phones.

This service, which has been in development since 2023 through a collaboration between the National Payment Corporation of Vietnam and the Lao National Payment Network Company Limited, is already operational for Vietnamese customers in Laos.

Beyond facilitating everyday transactions, this system is expected to enhance people-to-people connectivity by simplifying cross-border payments for tourism, consumption, and personal exchanges.

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