Cross-Border QR Payment System Goes Live
Hanoi, Vietnam – On December 2, 2025, China and Vietnam officially launched a bilateral QR code payment service in the Vietnamese capital, marking a significant step in enhancing financial connectivity between the two nations. The new system enables Chinese visitors to use their familiar mobile payment applications to make direct payments at various locations across Vietnam.
The launch event, held in Hanoi, was a collaborative effort between key financial institutions from both countries, aiming to provide a faster, safer, and more convenient payment experience for Chinese tourists and to help Vietnamese businesses better serve one of their largest visitor markets.
Key Collaborators and Development Timeline
The initiative is the result of extensive cooperation between the National Payment Corporation of Vietnam (NAPAS) and UnionPay International (UPI) of China. Other crucial partners include the Industrial and Commercial Bank of China (ICBC) and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
The foundation for this system was laid with a Memorandum of Understanding (MoU) signed between UPI and NAPAS in October 2024, witnessed by high-ranking leaders from both countries. This was followed by a four-party agreement in April 2025, which set the framework for technical connectivity and settlement.
Operational Mechanics and Economic Impact
With the system now operational, Chinese tourists in Vietnam can use their existing mobile payment apps, such as the UnionPay App and UnionPay-partner bank applications, to scan VIETQR Global codes at participating merchants. This allows for seamless, cashless transactions at shopping centers, tourist attractions, restaurants, and other retail outlets nationwide.
Nguyen Quang Minh, CEO of NAPAS, highlighted that the bilateral QR code payment system represents a 'milestone' in strengthening financial connectivity and promoting the use of local currencies in cross-border transactions. Wang Lixin, CEO of UnionPay International, emphasized the mutual benefits for businesses and consumers, noting that Vietnam is a key destination for Chinese tourists.
Early adopters of the system include major retailers and service providers such as Central Retail supermarkets, Highlands Coffee, and Sun World tourist sites. The initiative is expected to significantly boost tourism and trade between China and Vietnam.
Future Expansion and Two-Way Connectivity
The current launch focuses on enabling Chinese visitors to pay in Vietnam. However, plans are already in motion for a reverse payment direction. By early 2026, the system is expected to allow Vietnamese travelers to use their mobile banking apps from NAPAS member banks to scan QR codes for payments in China.
This two-way connectivity will establish a comprehensive cross-border QR payment ecosystem, further supporting tourism, trade, and consumer spending between the two nations. Participating institutions anticipate that over 30,000 merchants in Vietnam will accept these QR payments by the end of 2025, with NAPAS planning to expand participation to all member institutions, including banks and major local e-wallets, in 2026.
5 Comments
Donatello
Excellent financial integration. A win-win for trade and travel.
Michelangelo
Vietnam is becoming too reliant on Chinese tourism. Not strategic.
Donatello
While modernizing payment systems is crucial for international trade, this initiative raises questions about the balance of power. It's important to prevent over-reliance on a single economic partner.
Raphael
It's good to see efforts to facilitate tourism and economic exchange between the two countries. Still, there's a risk of smaller local businesses being left behind if they can't adapt, potentially consolidating market power.
Donatello
This system offers clear benefits for seamless transactions and could certainly increase tourist spending. Yet, the rapid integration of Chinese payment platforms could lead to significant data privacy challenges if not carefully regulated.