On April 14, 2025, within the framework of the China state visit to Vietnam, Vietnam Communist General Secretary To Lam and General Secretary and President of China Xi Jinping witnessed the display of 40 cooperation documents between the two countries. Among them was the "Cooperation Agreement on Strengthening Payment Connection via QR Code between Vietnam and China" signed by four parties: Industrial and Commercial Bank of China (ICBC), National Payment Corporation of Vietnam (NAPAS), Bank for Foreign Trade of Vietnam (Vietcombank) and UnionPay International (UPI).
General Secretary To Lam and General Secretary and President of China Xi Jinping witnessed the display of 40 cooperation documents between the two countries
The signing of this Agreement is of special significance on the occasion of the 75th anniversary of the establishment of diplomatic relations between Vietnam and China. It marks a strong and effective development in the process of integration and extensive cooperation between the banking systems of the two countries, creating conditions and contributing to promoting tourism and trade exchanges between Vietnam and China.
According to the Agreement, ICBC acts as the Chinese focal payment bank in the Cross-Border QR Code Connection Project, coordinating with NAPAS and Vietcombank to deploy a modern digital payment infrastructure, aiming to integrate the payment ecosystems of the two countries. The goal of the Project is to provide fast, safe and convenient payment services for consumers of the two countries in the context of increasing trade, tourism and people-to-people exchanges.
ICBC is currently a Chinese bank present in Vietnam with a branch in Hanoi and a representative office in Ho Chi Minh City. This is a Chinese bank with a wide network of operations and the most diverse products and services in Vietnam, and is also the first Chinese bank in Vietnam to directly participate in the Cross-Border Renminbi Payment System (CIPS).
"Cooperation Agreement on Strengthening Payment Connection via QR Code between Vietnam and China"
ICBC Bank's pioneering implementation of retail payment connection via QR code marks a concrete and practical step in the process of modernizing the payment system and contributes to raising the Vietnam-China economic and financial relationship to a new level in the digital age.
VNBA News/ICBC Hanoi
