Cross-Border Payment Connectivity Established
Hanoi, Vietnam – On December 2, 2025, China and Vietnam officially launched a bilateral QR code payment service in Hanoi, marking a significant step in enhancing financial connectivity between the two countries. The new system enables Chinese consumers to utilize their familiar mobile payment applications, including the UnionPay app, to scan VietQR Global codes for direct payments at various merchants across Vietnam.
The launch is the culmination of extensive collaboration between key financial institutions. The service was introduced by the National Payment Corporation of Vietnam (NAPAS), UnionPay International (UPI), the Industrial and Commercial Bank of China (ICBC), and Vietcombank. This initiative operates under the guidance of the State Bank of Vietnam.
Boosting Tourism and Economic Ties
The primary objective of this cross-border payment system is to improve the mobile payment experience for Chinese visitors in Vietnam, thereby supporting trade, tourism, and broader economic cooperation. Nguyen Quang Minh, CEO of NAPAS, stated that the introduction of the bilateral QR code payment system is a 'milestone that will solidify and optimise financial connectivity between China and Vietnam'. Similarly, Wang Lixin, CEO of UnionPay International, highlighted that the project offers 'mutual benefits to businesses and consumers', recognizing Vietnam as a 'key market for Chinese tourists and businesses'.
The system is designed to facilitate faster, safer, and more convenient transactions, encouraging the increased use of local currencies in cross-border exchanges.
Implementation and Future Expansion
The foundation for this service was laid with a Memorandum of Understanding (MoU) signed between UPI and NAPAS in October 2024, witnessed by high-ranking officials from both nations. This was followed by a four-party agreement in April 2025 involving UPI, NAPAS, ICBC, and Vietcombank, which established the framework for technical connectivity and settlement.
Currently, Chinese visitors can make payments at a wide array of participating merchants, including major retailers, shopping centers, tourist sites, restaurants, and travel services. Early adopters include Central Retail Vietnam's supermarket system, Highland Coffee, and payment points across the Sun World tourism ecosystem. It is anticipated that over 30,000 merchants will be enabled for QR code payments by the end of 2025.
Looking ahead, plans are in place to complete the reverse payment direction by early 2026. This future phase will allow Vietnamese travelers to use mobile banking applications from NAPAS member banks to scan UnionPay QR codes for payments in China, establishing a comprehensive two-way cross-border QR payment ecosystem.
5 Comments
Leonardo
This isn't 'bilateral' if it primarily benefits Chinese tourists. Uneven playing field.
Donatello
Finally, a convenient way for tourists to spend. Good for Vietnamese businesses!
Raphael
This new system offers undeniable convenience and could significantly enhance tourism revenue. However, Vietnam must also focus on developing robust domestic payment solutions to avoid over-reliance on external financial ecosystems.
Donatello
Strengthening bilateral relations through practical solutions. Excellent initiative.
Michelangelo
While the convenience for Chinese tourists is a clear benefit, we must consider the long-term implications of deepening financial dependence on a larger economy. It's a double-edged sword for Vietnam.