From the Vietnamese banking sector, the event saw the participation of Deputy Governor of the State Bank of Vietnam Pham Tien Dung, representatives from the Payment Department, International Cooperation Department, and Foreign Exchange Management Department. Representatives from participating institutions included Mr. Nguyen Quang Hung, Chairman of the Board of Directors of National Payment Corporation of Vietnam (NAPAS), and representatives from several Vietnamese commercial banks.

On the Lao banking side, the ceremony was attended by Deputy Governor of the Lao PDR Soulysak Thamnuvong, Mr. Manolith Soumphonphacdy - President of the Lao National Payment Network Company Limited (LAPNet), and representatives from several Lao commercial banks.

In order to implement the policies of the leadership of the Party and Government of Laos and Vietnam on promoting the use of local currencies, contributing to strengthening economic connectivity between the two countries, recently, under the guidance of the Central Banks of both countries, NAPAS and LAPNet have connected to launch the bilateral retail payment service using quick response (QR) codes between Vietnam and Laos. The service is now ready to be offered to customers of 07 Vietnamese banks and 14 Lao banks.

Prime Minister Pham Minh Chinh, Prime Minister Sonexay Siphandone, and representatives from the Ministry of Planning and Investment, central banks of both countries, NAPAS and LAPNet, performed the launching ceremony of the bilateral retail payment service using QR codes between Vietnam and Laos. The event marks a significant milestone and a demonstration of the effective cooperation between the central banks and banking systems of the two countries in the areas of currency and payment, thereby actively supporting economic, trade, investment cooperation and fostering closer cultural and social exchanges between the people of both countries.

Emphasizing the significance of launching the cross-border payment method using QR codes between Vietnam and Laos, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said: The efforts of the central banks and banking systems of both countries to promote local currency cooperation will serve as a new driving force for trade and investment cooperation between the two countries, contributing positively to the strong friendship and special solidarity between Vietnam and Laos.

In the initial phase, the service will be applied to Vietnamese customers to make payments using QR codes in Laos. Customers can use the mobile banking apps of commercial banks such as Vietinbank, BIDV, Vietcombank, Sacombank, TPBank, BVBank, and Nam A Bank to scan LaoQR and make payments for goods and services at the payment acceptance points of the 14 banks within the LAPNet network.

Transactions will be conducted in the local currencies of both countries (LAK/VND) and converted directly according to the exchange rate at the time of payment, providing many benefits and a seamless, fast, and convenient payment experience for customers.

In the future, NAPAS will continue to work with LAPNet to implement payments for Lao citizens visiting Vietnam through the VietQR scanning method, as well as expand the number of member banks participating in the provision of service to meet the payment needs of people in both countries.

Under the guidance of the State Bank of Vietnam, NAPAS is currently the agency responsible for coordinating with banks to implement cross-border payment connectivity between Vietnam and other countries in the region. NAPAS has completed the cross-border payment service connectivity using QR codes with Thailand, Cambodia and Laos. This service is expected to be further expanded by NAPAS to include other countries such as China, South Korea, and Japan.

To enhance convenience and simplicity for international visitors to make payments using QR codes in Vietnam, NAPAS has standardized and launched the VietQRGlobal identification set for cross-border payment transactions, thereby increasing the visibility for foreign visitors as well as cross-border payment acceptance points using QR codes in Vietnam.

List of 14 Lao banks participating in the implementation of bilateral payment services using QR codes between Vietnam and Laos: ACLE, APB, BCEL, BIC, IDB, JDB, LDB, LVB, MJB, PSV, SACOM, STB, VMB, and VTB.