Recent progress has been made in China-Vietnam financial cooperation, with a notable step forward in cross-border QR code payment services.
The Industrial and Commercial Bank of China (ICBC) announced that China and Vietnam have reached an agreement to promote cross-border QR code payments, set to provide consumers in both countries with more convenient cross-border payment options.On April 15, ICBC, along with UnionPay International, Vietnam National Payment Corporation (NAPAS), and Vietnam Bank for Foreign Trade (Vietcombank), formally signed the "Quadrilateral Cooperation Agreement on China-Vietnam QR Code Retail Payment Interoperability".
This aims to assist in building a China-Vietnam community with a shared future of strategic significance.Under the guidance of the People's Bank of China and the State Bank of Vietnam, the signing of this agreement signifies that ICBC and other parties have entered a new phase in serving China-Vietnam bilateral local currency settlement and financial infrastructure interoperability.With the comprehensive connection of the QR code payment networks between the two countries, consumers from both nations will benefit from more convenient cross-border payment services.
Chinese consumers will be able to make payments via the UnionPay app or UnionPay-affiliated wallets at merchants in Vietnam that accept VietQR codes.
Meanwhile, Vietnamese consumers will be able to use their local VietQR wallets to make payments at UnionPay QR code merchants in China.This cooperation not only facilitates cross-border payments for consumers but also promotes the use of local currencies in settlements, reducing reliance on the US dollar and enhancing the ability to resist financial risks.The China-Vietnam QR code payment interoperability cooperation has been incorporated into the China-Vietnam joint statement.
The statement highlights the use of the financial and monetary cooperation working group between the two countries.
Furthermore, aiming to strengthen communication and experience sharing, both in policy regulation and reform of both financial and monetary sectors.The project aims to deepen the payment network interoperability between the two countries and meet the cross-border payment needs of consumers from both sides.
With the project's advancement, China and Vietnam are expected to further strengthen their economic and trade cooperation, as well as people-to-people exchanges.
This will contribute to the joint construction of the "Belt and Road" initiative and the alignment of the "Two Corridors and One Circle" framework.(Cover photo via CFP)