Laos and Vietnam are set to Launch a new payment system enabling direct trade transactions in kip and dong currencies. Starting in September, the cross-border micropayment system will allow Vietnamese consumers to pay in Laos using QR codes.
The Vietnam-Laos Cross-Border Retail Payment Connection Project will facilitate transactions through QR codes. The initial phase of the project will involve nine Vietnamese and 13 Lao banks. The joint payment system will be managed by the Vietnam National Payment Corporation (NAPAS) and the Lao National Payment Network Co. Ltd (LAP Net).
ASEAN countries prefer to use local currencies for trade, aiming to reduce dependence on foreign currencies and mitigate risks associated with geopolitical and economic fluctuations. By using kip and dong, both countries can streamline trade, lower transaction costs, and enhance financial stability.
Find out more by clicking HERE.
