THE SOCIALIST REPUBLIC OF VIET NAM
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Viet Nam, Laos launch cross-border QR payment service
VGP - Viet Nam and Laos launced cross-border QR payment service to enhance tourism and economic exchanges between the two nations, at a ceremony held in Vientiane, Laos, on January 9.
Prime Minister Pham Minh Chinh (5th from left) and his Lao counterpart Sonexay Siphandone (6th from left) at the launching ceremony of cross-border QR payment service in Vientiane, Laos, January 9, 2025 - Photo: VGP
The event saw the participation of Prime Minister Pham Minh Chinh and his Lao counterpart Sonexay Siphandone who co-chaired the 47th meeting of the Viet Nam-Laos Inter-Governmental Committee earlier the same day.
The launching the service is a vivid demonstration of the effective cooperation between the regulatory authorities, businesses, and commercial banking systems of Viet Nam and Laos.
The service will help promote the use of local currencies and amplify the trend of monetary and banking cooperation within ASEAN.
Viet Nam and Laos share a borderline of more than 2,300 km passing through the administrative boundaries of 10 provinces and cities of each side, which is an area with development potential and strategical location on the East-West Economic Corridor.
There are nine international border gates, six main border gates, 18 auxiliary border gates, 27 crossings, and nine border-gate economic zones along the borderline.
The bilateral trade turnover was estimated to reach US$2.2 billion in 2024, an increase of nearly 34 percent compared to 2023.
As of December 2024, there were 417 Vietnamese projects in Laos with a total approved value of more than US$4.9 billion. In particular, wholly Vietnamese-invested projects registered a total capital of US$4.6 billion./.