Vietnam and Laos Enhance Bilateral Trade with Local Currencies
The State Bank of Vietnam and the Bank of Laos held a conference to promote the use of local currencies in bilateral trade, aiming to reduce external risks. The cooperation includes a Vietnam-Laos cross-border payment project using QR codes, to be launched in September, involving nine Vietnamese and thirteen Lao banks.
The State Bank of Vietnam and the Bank of Laos recently held a conference to discuss strategies for improving the use of their respective domestic currencies in bilateral trade and investment activities.
This move aims to minimize external risks associated with political, geopolitical, economic, and financial changes.
Vietnam is currently the third largest trade partner of Laos, underscoring the significance of this collaboration.
The control of the payment system will be managed by the Vietnam National Payment Corporation and the Lao National Payment Network Co. Ltd. Additionally, both countries introduced a Vietnam-Laos cross-border retail payment connection project using QR codes, which is scheduled to launch its first phase in September.
The project involves nine Vietnamese banks and thirteen Lao banks.
This move aims to minimize external risks associated with political, geopolitical, economic, and financial changes.
Vietnam is currently the third largest trade partner of Laos, underscoring the significance of this collaboration.
The control of the payment system will be managed by the Vietnam National Payment Corporation and the Lao National Payment Network Co. Ltd. Additionally, both countries introduced a Vietnam-Laos cross-border retail payment connection project using QR codes, which is scheduled to launch its first phase in September.
The project involves nine Vietnamese banks and thirteen Lao banks.
