Vientiane:Vietnam and Laos are intensifying efforts to develop cross-border QR code payments and promote the use of their respective national currencies in financial transactions. The initiative aims to enhance trade and investment, with a target of achieving 10 billion USD in two-way trade in the coming years.
According to Lao News Agency, the cooperation plan was discussed during the 2026 annual meeting held in early November. The meeting was attended by the State Bank of Vietnam (SBV) and the Bank of Laos (BOL), and was co-chaired by SBV Governor Pham Duc An and BOL Governor Bounkham Volachit.
The two governors reviewed macroeconomic developments, the use of national currencies in payments and cross-border transfers, and progress in connecting retail payment systems via QR codes. They agreed to strengthen cooperation in 2027, focusing on expanding two-way QR payment services and encouraging the use of the Vietnamese dong and Lao kip.
The initiative is expected to provide businesses, tourists, and residents with convenient, transparent, and secure payment services. It aims to strengthen financial connectivity, reduce reliance on third-country currencies, cut transaction costs, and improve payment efficiency.
Vietnam and Laos officially launched their cross-border QR payment service in Vientiane on January 9, 2025. As of October 2026, the system had recorded more than 25,000 transactions. The two central banks plan to continue expanding the network of participating merchants, allowing Lao citizens to use QR payments in Vietnam for tourism, education, healthcare, and business activities.
Vietnam has also pledged to provide technical consultancy through senior banking experts, as well as postgraduate training and professional development for BOL officials. Additionally, representatives of Vietnamese commercial banks operating in Laos were acknowledged for their contributions to the Lao economy and bilateral financial connectivity through credit provision, banking services, and digital payments.