Laos and Vietnam launch new cross-currency transaction, retail payment systems
“The initiative was conceived in 2023 and has been built on the collaborative efforts of the State Bank of Vietnam (SBV) and the Bank of the Lao People’s Democratic Republic, with support from National Payment Corporation of Vietnam (NAPAS) and the Lao National Payment Network (LAPNet), along with the commercial banks of both nations.”
“Seven Vietnamese banks, namely Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank, will offer the cross-border QR payment service. Customers of these banks can use their mobile banking apps to scan Lao QR codes and make payments for goods and services at payment acceptance points within LAPNet’s network of 14 banks in Laos.”
Read the full article at Vietnam Investment Review.