The cooperation aims to contribute to the development of Vietnam’s national payment infrastructure in a modern, synchronized, secure, and flexible manner, thereby enhancing customer experience and expanding access to advance digital financial and consumer services.

Leaders of NAPAS and MDP sign the Memorandum of Understanding

The continued development of the national payment infrastructure with interoperable connectivity, flexibility, and adaptability to new business models is crucial to the rapid growth of the digital economy. This effort contributes to the acceleration of the national digital transformation process and the development of a digital society in line with the Government’s strategic orientations.

According to the Memorandum of Understanding, NAPAS and MDP—both licensed payment intermediary service providers authorized to offer financial switching and electronic clearing services—have agreed to establish a cooperative relationship aimed at creating beneficial value for their member organizations, while also making a positive contribution to the sustainable development of Vietnam’s payment market.

Key areas of cooperation

Representatives of NAPAS and MDP attend the Memorandum of Understanding signing ceremony

Within the framework of the cooperation, the two parties will jointly study and assess options for connecting their financial switching systems. The scope of the study will focus on core elements, including system architecture, technical connectivity solutions, operational processes and models as well as requirements related to safety, information security, risk management, and legal compliance.

MDP will share information on a new payment initiative currently under research, and together with NAPAS, assess opportunities to develop and expand cooperation in suitable payment services. The two parties also agreed to broaden the development of payment services, including account-based payments, domestic and cross-border QR code payments, based on the VietQR brand and relevant merchant acceptance identification standards.

In addition, the two parties will cooperate in developing a common set of standard operating rules for account-based payment services. This rule set will serve as an important foundation to ensure transparency, fairness, and security across the entire market.

The signing of the Memorandum of Understanding between NAPAS and MDP is aligned with the Government’s policies and orientations set out in Decision No. 1813/QĐ-TTg on promoting cashless payments and developing a modern, secure, and efficient national payment infrastructure. Strengthening cooperation and interoperability between financial switching systems will contribute to enhance the payment infrastructure, optimize social resources, and enable payment service providers and member organizations to efficiently leverage shared infrastructure—thereby fostering the sustainable development of Vietnam’s payment ecosystem.

Speaking at the signing ceremony, Mr. Nguyen Quang Minh – Chief Executive Officer of NAPAS – shared:

"MDP’s presence in the market marks a new milestone, bringing additional growth momentum and promoting positive competitiveness. The Memorandum of Understanding signed today is of great significance, enabling NAPAS and MDP to jointly leverage their respective strengths, thereby delivering tangible value to society and contributing to the sustainable development of the market."

Mr. Phan Thanh Son – Chief Executive Officer of MDP – stated:

"The signing of the Memorandum of Understanding with NAPAS represents an important step in MDP’s strategy to develop digital payment infrastructure. Through close coordination between the two financial switching organizations, we expect to build effective interoperable connectivity models, thereby expanding access to payment services for member organizations and making a positive contribution to the long-term development of Vietnam’s payment market."