On 9 January, Laos and Vietnam officially launched a cross-currency transaction service, connecting their cross-border retail payment systems via QR codes.
This initiative, a collaboration between the Bank of Laos and the State Bank of Vietnam, aims to simplify financial transactions for tourists and support cross-border business activities between the two countries.
In the initial phase, starting on 9 January, Vietnamese citizens will be able to make payments using QR codes while in Laos. By the end of the year, the second phase will allow Lao citizens to use the same QR code payment system in Vietnam.
Additionally, the Lao National Payment Network has announced that QR payments between Laos and Vietnam are now available through participating banks.
In Laos, these banks include Banque Pour Le Commerce Exterieur Lao Public (BCEL), Agricultural Promotion Bank (APB), Joint Development Bank (JDB), Lao Viet Bank (LVB), ST Bank (STB), Vietin Bank, Sacombank, Lao Development Bank (LDB), Phongsavanh Bank, Indochina Bank, ACLEDA Bank (ABL), Maruhan Japan Bank Laos (MJBL), Bank of China (BIC), and MB Bank.
Meanwhile, Vietnamese financial institutions include Nam A Bank, TB Bank, Vietin Bank, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietcombank, Sacombank, and Ban Viet Bank (BV).
The QR code cross-border payment system is part of Laos’ broader strategy to enhance regional money transfers and payments with neighboring countries, including Thailand, Vietnam, Cambodia, and China.
In April 2024, Laos and Thailand introduced a similar QR code payment system. In the first phrase, only Lao nationals could make payments by scanning Thai PromptPay QR codes displayed by merchants in Thailand, using mobile banking apps from participating commercial banks.
During the second phase, which began at the end of June 2024, users from Thailand could scan Lao QR codes displayed by merchants in Laos for payment.
In August 2023, Laos and Cambodia also launched a cross-border payment system that enables visitors to use their local currencies, the Lao kip and the Khmer riel, via QR codes.
Lastly, in December 2024, Laos and China introduced a similar QR payment system as part of their latest e-banking and cross-currency transaction cooperation. This system connects the payment networks of both countries, allowing payments between LAPNet and UPI members through the UnionPay mobile app, which supports over 160 e-wallets in 37 countries.