This is the scene of the China Vietnam QR code interconnection cooperation release ceremony captured in Hanoi, Vietnam on December 2nd. Xinhua News Agency (photo by Wu Zhongjian)

Hanoi, December 2 (Xinhua) -- The China Vietnam QR code interconnection cooperation launch event was held in Hanoi, the capital of Vietnam, on the 2nd, marking the official application of the project in the Vietnamese market.

It is reported that this project will be the first to serve Chinese consumers traveling to Vietnam. Chinese consumers can use the Cloud QuickPass app, Industrial and Commercial Bank of China mobile banking, and other wallets that support the "Cloud QuickPass Network Payment Platform" within the country to accept merchant QR code payments through VietQR.

Nguyen Guangming, General Manager of Vietnam National Payment Company, stated in his speech that the implementation of QR code bilateral payment is a milestone and will strengthen the financial connectivity between the two countries, playing a positive role in promoting the development of Vietnam China economy, trade, and tourism.

Sun Fenglei, President of the Hanoi Branch of Industrial and Commercial Bank of China, said in an interview with reporters that Industrial and Commercial Bank of China has undertaken the Chinese clearing bank function for cross-border payments and QR code projects between China and Vietnam. This is also the first time that the direct exchange of RMB and Vietnamese Dong in the field of cross-border payments between China and Vietnam has been achieved, accumulating pilot experience for broader and deeper cooperation between the two countries in the future, and will provide more financial services for trade cooperation between China and Vietnam.

Wang Lixin, CEO of UnionPay International, stated that Vietnam has become one of the most popular tourist destinations for Chinese tourists, and the demand for cross-border payments is increasingly strong. The implementation of the project has achieved a win-win situation for both businesses and people.

Under the guidance of the People's Bank of China and the State Bank of Vietnam, Industrial and Commercial Bank of China, UnionPay International, Vietnam National Payment Company, and Vietnam Foreign Trade Bank signed the "Four Party Cooperation Agreement on China Vietnam QR Code Retail Payment Interconnection" in April this year, officially launching the China Vietnam QR Code Interconnection Cooperation Project.

Editor: Tang Yun