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On December 3, 2023, in Siem Reap, Cambodia, the State Bank of Vietnam (SBV) and the National Bank of Cambodia jointly announced a retail payment linkage via QR codes. This bilateral initiative, within the framework of a conference, enhanced cross-border payment connectivity, fulfilling mutual commitments and promoting the shared currency for citizen convenience and boosting trade and tourism.

Present at the event were prominent members of the Vietnamese leadership delegation, including Ms. Nguyen Thi Hong, the Governor of the State Bank of Vietnam, Mr. To Huy Vu, Director General of the International Cooperation Department, Mr. Pham Anh Tuan, Director General of the Payment Department under the SBV, Mr. Nguyen Quang Hung, Chairman of the Board of Directors of NAPAS, Mr. Nguyen Quang Minh, General Director of NAPAS, along with representatives from various units under the State Bank, and delegates from relevant commercial banks and companies.

Representing the National Bank of Cambodia was Ms. Chea Serey, the Governor. Additionally, senior leaders from various Cambodian ministries, branches, and businesses were in attendance.

Present at the event were prominent members of the Vietnamese leadership delegation, including Ms. Nguyen Thi Hong, the Governor of the State Bank of Vietnam, Mr. To Huy Vu, Director General of the International Cooperation Department, Mr. Pham Anh Tuan, Director General of the Payment Department under the SBV, Mr. Nguyen Quang Hung, Chairman of the Board of Directors of NAPAS, Mr. Nguyen Quang Minh, General Director of NAPAS, along with representatives from various units under the State Bank, and delegates from relevant commercial banks and companies.

Representing the National Bank of Cambodia was Ms. Chea Serey, the Governor. Additionally, senior leaders from various Cambodian ministries, branches, and businesses were in attendance.

The expansion of cross-border payments is an inherent aspect of digital financial innovation, designed to accommodate evolving transaction and payment requirements within society and the economy. In November 2022, the National Bank of Cambodia and the State Bank of Vietnam formalized collaboration through a Memorandum of Understanding on Cooperation in Financial Innovation and Payment Systems, aiming to enhance the cross-border QR payment and money transfer project between Cambodia and Vietnam. Under the joint guidance of the State Bank of Vietnam and National Bank of Cambodia, the designated units for project implementation, namely the National Payment Corporation of Vietnam (NAPAS) and ACLEDA Bank of Cambodia, have successfully concluded the pilot project connecting retail payments using QR codes between Vietnam and Cambodia.

Vietnam & Cambodia launch bilateral cross - border QR code payments- Ảnh 1.

The Governors of the State Bank of Vietnam and the National Bank of Cambodia collectively presided over the ceremony unveiling cross-border payment services employing QR codes.


At the announcement ceremony, Ms. Nguyen Thi Hong, Governor of the State Bank, and Ms. Chea Serey, Governor of the National Bank of Cambodia, jointly inaugurated the cross-border payment service using QR codes. This event signifies a significant milestone in the collaborative efforts between the Central Banks, businesses, and commercial banking systems of both countries. Onstage, the central bank leaders demonstrated the convenience and practical benefits of using VietQR and Cambodia QR codes (KHQR) for purchasing goods and services, highlighting its potential to support trade, commerce, and tourism promotion activities between the two nations in the future.

Vietnam & Cambodia launch bilateral cross - border QR code payments- Ảnh 2.

The governors of the two countries' state banks successfully experienced QR scanning for cross-border payments between Vietnam and Cambodia

Through the successful implementation of this connectivity, customers from 57 Cambodian banks utilizing the Bakong application by the National Bank of Cambodia can now scan VietQR codes at payment acceptance points, such as those established by BIDV and TPBank. This enables them to make payments directly from their Cambodian Riel accounts (KHR) when in Vietnam. Similarly, Vietnamese tourists visiting Cambodia can use mobile applications from banks including BIDV, Sacombank, and TPBank to perform QR code scanning payments at approximately 1.8 million acceptance points in Cambodia. This streamlined cross-border payment process ensures favorable exchange rates, eliminating the need for conversion to a third foreign currency.

In the future, NAPAS will further collaborate with Cambodia to involve additional Vietnamese banks in service deployment, catering to the payment requirements of tourists from both nations.

Within the bilateral meeting between the State Bank of Vietnam and the Bank of the Lao PDR held on December 1, 2023, in Luang Prabang, Laos, NAPAS and Lao National Payment Network Company Limited (LAPNET) signed an MOU to explore and pilot the bilateral retail payment connection using QR codes between Vietnam and Laos. Consequently, NAPAS has expanded payment collaborations beyond its borders with three key partners in Southeast Asia, namely Thailand, Laos, and Cambodia.

Serving as a financial switching system and a provider of the national retail payment infrastructure, NAPAS has partnered with banks to implement the NAPAS 247 Quick Transfer service and the payment service using VietQR codes. Notably, VietQR serves as a unified brand identity for QR code payments and transfers processed through the NAPAS network and its member banks, payment intermediaries, and partners, both domestically and internationally. VietQR adheres to the Basic Standards for QR codes established by the State Bank of Vietnam and the QR code payment standards of EMV Co.

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