Connecting bilateral retail payments, promoting trade and tourism

At the announcement ceremony of bilateral retail payment connection via QR code between Vietnam and China held on December 2, Mr. Pham Anh Tuan, Director of the Payment Department (State Bank - SBV) said that the successful cooperation in bilateral retail payment connection with countries has contributed to promoting trade and tourism between Vietnam and cooperating countries.

Mr. Pham Anh Tuan, Director of Payment Department, State Bank of Vietnam, spoke at the ceremony. Photo: Organizing Committee

“In particular, the Cross-border Retail Payment Connection Project between Vietnam and China is one of the most anticipated connection projects this year. Accordingly, the payment market has witnessed the deployment of service provision for Chinese customers in Vietnam - Vietnam inbound and is expected to soon deploy Vietnam outbound for Vietnamese customers when coming to China in the first quarter of 2026,” said Mr. Pham Anh Tuan.

Delegates performed the ceremony to announce the bilateral retail payment connection via QR code between Vietnam and China.

The above announcement ceremony is a remarkable result of the staff, the product of the tireless work between the National Payment Corporation of Vietnam (NAPAS), Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ), UnionPay - China (UPI) and Industrial and Commercial Bank of China (ICBC).

Accordingly, in the initial implementation phase, Chinese tourists can scan the VIETQRGlobal code to pay at payment acceptance points, including shopping malls, shopping areas, tourist attractions, restaurants and retail stores in Vietnam.

Chinese tourists scan VIETQRGlobal code to pay in Vietnam.

In particular, with a network of leading retail, F&B, and travel brands such as the supermarket system of Center Retail Vietnam Group, Highland Coffee chain stores, and payment acceptance units of the Sun World ecosystem, connecting bilateral payment services via QR codes between Vietnam and China will help Vietnamese businesses attract a large number of Chinese customers.

According to the plan, in early 2026, NAPAS and UPI will continue to complete the reverse payment connection, allowing Vietnamese users to scan QR codes using payment applications of NAPAS member organizations to make payments at payment acceptance units in the UnionPay network in China.

Mr. Larry Wang, Vice Chairman and General Manager (CEO) of UnionPay International, said: “Vietnam is an important economic and trade partner and a major outbound tourism destination for China. Over the past two decades, UnionPay has been deeply developing the Vietnamese market and establishing a wide-ranging payment service network. This cross-border QR code connection project takes advantage of the local currency payment mechanism to promote the internationalization of the Renminbi (RMB).

“Optimizing the cross-border payment experience will further facilitate economic, trade and people-to-people exchanges between China and Vietnam. UnionPay will continue to strengthen cooperation with NAPAS to jointly build an open, safe and efficient regional payment ecosystem; contribute to the development of ASEAN's digital payment infrastructure; and create sustainable momentum for financial connectivity among countries in the region,” said Mr. Larry Wang.

Mr. Nguyen Quang Minh, General Director of NAPAS, affirmed that the connection of bilateral retail payments via QR codes between Vietnam and China is the result of close cooperation between NAPAS, UPI and banks.

According to Mr. Nguyen Quang Minh, General Director of NAPAS, under the direction of the State Bank, as the national retail payment infrastructure operator, NAPAS has proactively strengthened international connections to deploy cross-border payment solutions between Vietnam and countries in the region. The bilateral retail payment connection via QR code between Vietnam and China is the result of close cooperation between NAPAS, UPI and banks.

This service not only provides a seamless and convenient payment experience for people of the two countries, but also contributes to strengthening financial connectivity, promoting the use of local currencies in cross-border payments and developing trade, tourism and broader economic cooperation between the two countries.

Source: https://baotintuc.vn/kinh-te/ket-noi-thanh-toan-ban-le-song-phuong-thuc-day-giao-thuong-va-du-lich-20251202173746035.htm