On November 17, 2022, within the framework of the official visit to the Kingdom of Thailand, President Nguyen Xuan Phuc witnessed the official launching ceremony of Vietnam – Thailand cross-border payment linkage.
President Nguyen Xuan Phuc and Thailand’s Minister of Finance witness the official launching ceremony of Vietnam – Thailand cross-border payment linkage
At the ceremony, Deputy Governor Nguyen Kim Anh of the State Bank of Vietnam (SBV) and Deputy Governor Ronadol Numnonda of the Bank of Thailand (BoT) were the first to experience the cross-border payment service using QR code. This service has been an outcome of the effective cooperation between the two authorities, as well as the two banking sectors in the context of rapid changes in the economic situations and fintech development in the two countries.
With the expectations of enhancing consumption and tourism between the two countries, as well as encouraging the use of domestic currencies of each country, the cross-border payment service using QR code aims to bring to the people, tourists and sale points a more convenient, faster, more affordable and safer payment method.
SBV Deputy Governor Nguyen Kim Anh and BoT Deputy Governor Ronadol Numnonda were the first to experience
the cross-border payment service using QR code
This project had been implemented by the SBV and the BoT since 2020 through NAPAS and NITMX. Vietnamese customers can now scan ThaiQR codes in Thailand, and vice versa, Thai tourists can scan VietQR codes to pay for goods and services at payment acceptance units in Vietnam.
Vietnam’s State President Nguyen Xuan Phuc, Thailand’s Minister of Finance, SBV Deputy Governor Nguyen Kim Anh, BoT Deputy Governor Ronadol Numnonda, and other delegates attend the ceremony
Vietnamese banks participating in the first stage of this Project include BIDV, Vietinbank, Vietcombank, TPBank and Sacombank. Thai banks participating in this Project are Bangkok Bank, Siam Commercial Bank, Kasikorn Bank, Bank of Ayudhya, and Krung Thai Bank. Other banks in the two countries are being considered to be included in this Project.
Le Hang