Bank for Investment and Development of Vietnam (BIDV), Vietnam National Payment Corporation (NAPAS), and South Korea’s KEB Hana Bank and GLN International, launched a cross-border QR code payment service connecting Vietnam and South Korea on Thursday.

The initiative aims to expand cross-border digital payments and support a broader push toward cashless transactions, BIDV said in a release on Thursday. The service follows a cooperation agreement signed at the Vietnam–South Korea Economic Forum in August 2025. System integration and infrastructure development were completed in less than a year.

Pham Anh Tuan, Director of the Payment Department at the State Bank of Vietnam, said the move aims to promote bilateral QR-based retail payment connectivity, improve convenience for users, and support trade and tourism activities between the two countries. BIDV highlighted the initiative can facilitate payments for travelers, reduce reliance on cash, and support economic, tourism, and trade ties between Vietnam and South Korea.

Vietnam recorded more than 21.2 million international visitors in 2025, a 20 percent increase from the previous year. South Korea was the second-largest source of visitors, with about 4.3 million arrivals, accounting for roughly 20 percent of the total. Meanwhile, outbound travel from Vietnam to South Korea reached approximately 550,000, up 9% percent year-on-year.

The new system allows South Korean visitors and residents in Vietnam to use domestic banking applications and e-wallets to scan QR codes at acceptance points across the country, enabling transactions in a familiar format. NAPAS will operate the payment network in Vietnam through the VIETQRGlobal system, while GLN International will connect participating South Korean banks and applications. BIDV and Hana Bank will serve as clearing banks, supporting transaction processing between the two markets.

Nguyen Quang Minh, General Director of NAPAS, said expanding cross-border QR payment connectivity is a priority in developing payment infrastructure. Representatives from Hana Bank and GLN International also indicated plans to broaden cooperation and expand digital financial services beyond payments.

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