Vietnam embraces QR payment method with 5 Southeast Asian nations

The State Bank of Vietnam has signed an agreement on cross-border payments with 5 Southeast Asian countries.

Vietnam has the opportunity to utilize QR code payments with 5 Southeast Asian countries

During the 10th AFMGM Conference, held for ASEAN Finance Ministers and Central Bank Governors, Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, inked a memorandum of understanding (MOU) on regional payment connectivity with central banks of ASEAN5 countries: Indonesia, Malaysia, Philippines, Singapore, and Thailand.

Vietnam, Philippines, and Brunei are set to adopt QR payment systems, aiming to promote local currency usage and reduce dependence on the USD. Currently, Indonesia and Singapore are piloting this payment method, and the other four countries will join by the end of this year, transitioning from bilateral to multilateral transactions.

The State Bank of Vietnam believes that participating in this MOU signing will serve as a catalyst to boost trade, investment, tourism, and various other economic sectors, contributing to supporting the recovery process of domestic enterprises, especially SMEs, from the post-Covid-19 economic downturn.

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