 |
On December 2, the National Payment Corporation of Vietnam (NAPAS), in collaboration with UnionPay International (UPI), the Industrial and Commercial Bank of China (ICBC) and Vietcombank, rolled out the pilot initiative. The scheme is designed to enhance the mobile payment experience for Chinese visitors in Vietnam while encouraging closer economic, trade, and cultural ties between the two countries.
UPI and NAPAS signed an MoU on cross-border payment cooperation in 2024. The following year, UPI, NAPAS, ICBC and Vietcombank signed a four-party cooperation agreement in Hanoi, reaffirming their commitment to advancing China–Vietnam QR code payment interconnection. The launch of this pilot scheme represents a major milestone in strengthening cross-border payment connectivity between the two countries.
Following the launch, Chinese tourists will be able to make payments at major shopping districts, tourist attractions, and dining and retail merchants in Vietnam by scanning VietQR Global QR codes in stores, enjoying a seamless and cash-free experience – just like they do in China.
According to the merchant acquisition plans submitted by participating institutions to NAPAS, over 30,000 merchants are expected to be enabled for QR code payments by the end of 2025. In 2026, NAPAS plans to further expand participation to all the member institutions including banks, payment institutions and major local e-wallets, thereby broadening the acceptance coverage.
In the future, UPI and NAPAS will also enable Vietnamese users to scan UnionPay QR codes in China using NAPAS member bank apps, achieving two-way connectivity and offering residents and travellers from both countries a more seamless cross-border payment experience.
"Vietnam is an important destination for Chinese tourists and a key market for Chinese businesses," said Larry Wang, CEO of UnionPay International. "As economic and cultural exchanges between the two countries deepen, the China–Vietnam QR code interconnection will enhance payment convenience and boost regional financial cooperation."
NAPAS CEO Nguyen Quang Minh said, “The launch of the pilot scheme reflects the strong collaboration of all participating parties under the guidance of the State Bank of Vietnam. This service aims to provide a seamless and convenient payment experience, strengthen financial connectivity, encourage the use of local currencies in cross-border transactions, and boost trade, tourism, and broader economic cooperation between Vietnam and China.”
