Vietnam has introduced a cross-border QR payment service with the Republic of Korea (RoK). This initiative signifies an advancement in financial connectivity between the two nations, fostering the burgeoning tourism and trade exchange.
The service was officially initiated in Hanoi on April 23, courtesy of a collaboration between the National Payment Corporation of Vietnam (NAPAS) and GLN International, with the Bank for Investment and Development of Vietnam and Hana Bank serving as the financial clearing institutions.
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The initiative is a result of a collaboration agreement formalized at the Vietnam–Republic of Korea Business Forum in August 2025, which has been executed in under a year. Within the framework of the scheme, Korean customers are enabled to utilize VIETQRGlobal codes for payment by employing banking applications and e-wallets associated with GLN's network, facilitating transactions with numerous merchants throughout Vietnam.
These transactions are executed instantaneously and are settled directly between the Korean won (KRW) and the Vietnamese dong (VND). Pham Tien Dung, the Deputy Governor of the State Bank of Vietnam, commented that the initiation signifies an enhanced level of financial integration within the region, as the prevalence of cross-border digital payments continues to increase.
Nguyen Quang Minh, the Chief Executive Officer of NAPAS, remarked: "This initiative represents a tangible advancement in financial integration, aiming to bolster tourism and commerce while elevating the competitiveness of Vietnam's service-driven economy. Prioritizing the expansion of international QR code connectivity is essential for us as we strive to develop a contemporary and secure payment infrastructure”.
GLN International's Chief Executive Officer, Lee Suk, stated that the initiative is poised to enhance both economic and cultural interactions between the two nations.
“We expect this cooperation to bring Vietnamese users closer to QR payment networks not only in Korea, but also in other Asian markets, such as Japan, Thailand, Laos and the Philippines,” he commented.
Le Ngoc Lam, the CEO of BIDV, stated that the bank has allocated resources toward enhancing its infrastructure to guarantee uninterrupted transaction processes.
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In recent years, the Republic of Korea has consistently been one of Vietnam's primary sources of international tourists.
“We want Korean visitors to have a payment experience in Viet Nam similar to what they enjoy at home, while helping local businesses improve efficiency and boost revenues,” he said.
The introduction of this new service aims to diminish dependence on cash transactions and streamline payment processes for travelers, while simultaneously allowing Vietnamese businesses to more effectively engage with the expanding Korean consumer market.
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The collaborators announced their intention to broaden the system's capabilities to facilitate transactions for Vietnamese users within the Republic of Korea, aiming to progress towards a more cohesive and integrated regional digital payment ecosystem.