The Bank of the Lao has launched services for cross-currency transactions and cross-border retail payment connectivity via QR codes between Laos and Vietnam, with the aim of enabling greater use of the Lao kip and Vietnamese dong in bilateral payments. The initiative is being implemented through two projects: promoting local-currency use for settling trade, investment and lending and borrowing between the two countries, and linking retail payment systems via QR code to support payments for goods and services in local currencies, including for tourism. The Bank of the Lao and the State Bank of Vietnam began joint work on promoting local-currency use from late 2023. In the initial phase, Vietnamese users can make payments using QR codes in Laos, while reciprocal QR code payments by Lao users in Vietnam are planned for a second phase expected by the end of 2025.
Bank of the Lao 2025-01-09
Bank of the Lao launches Laos–Vietnam cross-border QR code retail payments and local-currency settlement services
The Bank of the Lao has launched cross-currency transaction services and cross-border retail payment connectivity via QR codes between Laos and Vietnam to enhance the use of the Lao kip and Vietnamese dong. The initiative promotes local-currency use for trade, investment, and lending, and links retail payment systems for goods and services. Initially, Vietnamese users can make QR code payments in Laos, with reciprocal payments by Lao users in Vietnam planned for late 2025.