HANOI: The State Bank of Vietnam and the Bank of Laos are looking to explore a joint cross-border retail payment system.
The two recently organised a conference to share experience in promoting the use of respective domestic currencies in bilateral trade and investment cooperation activities to prevent external risks.
Vietnam is currently the third largest trade partner of Laos, with a long-standing trade and investment partnership.
This is an important basis for the two sides to promote the use of their domestic currencies. The control of the common payment system of the two countries will be managed by the Vietnam National Payment Corporation and the Lao National Payment Network Co. Ltd.
At the conference, the two sides introduced the Vietnam-Laos cross-border retail payment connection project which will use QR codes, saying the system is currently in the preparation stage, with its first phase expected to be launched in September.
There are nine Vietnamese banks engaging in the project and 13 Lao banks.
Countries in the Asean region, including Laos, have switched to using domestic currencies in trade and investment to prevent risks from political, geopolitical, economic and financial changes. — Vietnam News/ANN
