Laos, Vietnam push QR payments towards US$10 billion trade goal
VOV.VN - Vietnam and Laos are expanding cross-border QR code payment systems and increasing the use of local currencies in financial transactions to boost bilateral trade and investment, targeting US$10 billion in trade turnover in the coming years.
The cooperation initiatives were discussed in detail at the 2026 annual meeting between the State Bank of Vietnam (SBV) and the Bank of Lao PDR (BOL) in early November. The meeting was co-chaired by SBV Governor Pham Duc An and BOL Governor Bounkham Volachith.
At the meeting, the two governors reviewed macroeconomic developments, evaluated local currency usage in cross-border settlements and transfers, and assessed progress on retail QR payment connectivity. Both sides agreed to tighten cooperation in 2027, prioritizing the expansion of two-way QR payment services and encouraging the use of the Vietnamese dong and the Lao kip.
These efforts aim to provide a convenient, transparent, and secure environment for businesses, travelers, and citizens engaging in cross-border commerce, while deepening financial ties, reducing reliance on third-party foreign currencies, lowering transaction costs, and improving payment efficiency.
Bilateral cross-border QR payment services were officially launched in Vientiane on January 9, 2025. In the initial phase, customers of participating Vietnamese banks could scan QR codes in Laos to settle payments for goods and services via mobile banking applications.
According to data released on November 5, the network recorded over 25,000 transactions through October 2026. Moving forward, the two central banks will expand the network of acceptance points, enabling Lao citizens to easily make QR payments when visiting, studying, receiving medical treatment, or conducting business in Vietnam.
Apart from payment cooperation, the Vietnamese side pledged to continue providing technical advisory support through senior banking experts, alongside postgraduate training and professional development for BOL officials.
The two sides also met with representatives of Vietnamese commercial banks operating effectively in Laos, praising their role in providing capital, banking services, and digital payments to support Laos's economic development and strengthen bilateral financial linkage.
Green SM launches green mobility alliance, expands footprint in Laos
VOV.VN - Vietnamese electric vehicle operator Green SM launched the Green Alliance Frontier in Vientiane on November 9, partnering with major Lao telecom, banking, and hospitality firms to accelerate green mobility and digital integration in the country.
Vietnam-Laos strategic cohesion promoted through theoretical exchanges
The 13th theoretical seminar between the Communist Party of Vietnam (CPV) and the Lao People’s Revolutionary Party (LPRP) was held in Oudomxay province, northern Laos, on November 6.
