Vietnam-Laos discuss the use of local currency in trade and investment - Lang Son Electronic Newspaper

The State Bank of Vietnam and Laos have just exchanged expertise to promote the use of the local currency Kip-VND in trade and investment between the two countries.

Delegates visit a booth at the Vietnam-Laos Trade Fair 2024 in Vientiane last month. (Photo: Xuan Tu/VNA)

The State Bank of Laos and the State Bank of Vietnam have just organized a workshop on professional exchange with the theme "Promoting the use of local currencies between Laos and Vietnam" to promote the use of local currencies Kip-VND in bilateral trade and investment between the two countries, helping to prevent external risks.

According to trade and investment data, Vietnam is Laos' third largest trading partner and the two sides have long cooperated in trade and investment.

This is an important basis for cooperation to promote the use of the local currency Kip-VND between the two countries in the coming time.

Control of the common payment system of both countries will be handled by the Lao National Payment Network Company (LAPNet) and the Vietnam National Payment Joint Stock Company (NAPAS).

The professional exchange workshop is a forum for both sides to exchange ideas and create understanding about this work.

At the workshop, the two sides introduced the "Vietnam-Laos cross-border retail payment connection project using QR codes", and said that the Vietnam-Laos cross-border retail payment connection system using QR codes is currently in the preparation stage and will deploy phase 1 of the project next September.

Participating Vietnamese banks include Vietinbank, Sacombank, BIDV, Vietcombank, TPBank, NamABank, SHB , BVBank and MBBank, while Lao banks have 13 participating banks including BCEL, APB, BIC, JDB, LVB, STB, Vietinbank Lao, Phongsavanh Bank, Sacombank Lao, ACLEDA, MBBank Lao, MJBL and Indochina Bank.

Currently, countries in the ASEAN region, including Laos, have shifted to using local currencies in trade and investment to prevent risks from political , geopolitical, economic and financial changes; at the same time, helping to promote cooperation between countries in the region and the world./.

Source: https://baolangson.vn/viet-nam-lao-thao-luan-viec-su-dung-dong-noi-te-trong-thuong-mai-va-du-tu-5019308.html