Vietnam and Laos Plan to Expand Two-Way QR Code Payments in 2027

At their annual meeting in early November 2026, the State Bank of Vietnam and the Bank of the Lao PDR agreed to strengthen cooperation in 2027, prioritizing the expansion of two-way QR code payment services and encouraging the use of the Vietnamese dong and Lao kip in bilateral transactions. The two sides hope this will facilitate business activity and travel, reduce transaction costs, and promote trade and investment between the countries.

The meeting was co-chaired by State Bank of Vietnam Governor Phạm Đức Ấn and Bank of the Lao PDR Governor Bounkham Volachith. The two sides reviewed progress on local-currency settlement, cross-border transfers and the interconnection of retail QR code payment systems. Expanding the use of local currencies and the payment network is also intended to reduce reliance on third-country currencies in transactions.

Vietnam–Laos cross-border QR code payment services were officially launched in Vientiane, Laos, on January 9, 2025. In the initial phase, customers of participating Vietnamese banks could use mobile banking apps to scan QR codes and pay for goods and services in Laos. Figures released on November 5 showed that the network had processed more than 25,000 transactions by October 2026.

The two central banks plan to continue expanding the network of merchants accepting payments so that Lao residents can also use QR codes when visiting Vietnam for tourism, study, medical care or business cooperation. Vietnam also pledged to continue providing technical banking advice, postgraduate training and professional development support. The two sides set a goal of raising bilateral trade to US$10 billion in the coming years.

Source: VietVance