Laos, Vietnam ink MOU for cross-border QR code payment linkage

The MOU will facilitate the use of local currencies in retail payments in the two countries.

Laos and Vietnam have inked a memorandum of agreement to initiate cross-border QR code payment linkage between the two countries.

The MOU, inked during the annual bilateral meeting between the Bank of the Lao PDF (BOL) and the State Bank of Vietnam (SBV), aims to facilitate the use of local currencies in retail payments between the two countries.

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During the meeting— held on 1 December in the Luang Prabang Province– Viet and Lao financial authorities discussed issues and challenges on matters relating to macroeconomic and banking sector development, policy and practice on foreign exchange controls, and a proposal for a cooperation plan between BOL and SBV in 2024.