BOL Governor Mrs Bounkham Vorachit (second right) addresses the bank governors’ meeting in Danang, Vietnam. --Photos Bank of the Lao PDR

Central banks of Laos and Vietnam plan more local currency, QR transactions

The central banks of Laos and Vietnam plan to enable greater use of their local currencies in cross-border payments and strengthen QR code payment links in order to facilitate trade, investment and general banking transactions.
These measures are being considered to spur fulfilment of their target to push the value of bilateral trade and investment to US$10 billion in the coming years.
The proposed measures were reviewed at a meeting held between the Bank of the Lao PDR (BOL) and the State Bank of Vietnam (SBV) in Danang, Vietnam, on November 4.
The meeting was co-chaired by BOL Governor Mrs Bounkham Vorachit and SBV Governor Pham Duc On, with delegations from both banks in attendance.

Governors of the central banks of Cambodia, Laos and Vietnam pose for a group photo during the meeting in Danang.

According to the BOL, discussions covered the macroeconomic situation in both countries, experience in local currency use for cross-border payments and remittances, and progress on connecting the two countries’ retail payment systems through QR codes.
The governors of the two central banks reviewed aspects of bilateral cooperation so far this year and agreed on priorities and measures for 2027, with particular emphasis on expanding local currency transactions and QR payment systems to deliver practical benefits for people and businesses in both countries.
Beyond easier payment links, the two central banks agreed to continue sharing technical expertise, including advisory support from Vietnamese banking experts, postgraduate training opportunities for BOL staff, and health check programmes for BOL’s management team.
The two sides also discussed plans to mark two important anniversaries in Laos-Vietnam relations: the 65th anniversary of diplomatic relations and the 50th anniversary of the signing of the Treaty of Amity and Cooperation.
Planned events include Laos’ hosting of the next bilateral central bank meeting, and cultural exchanges and sports competitions in Vietnam, as suggested by the two countries’ Parties and governments.
During the meeting, the two banks also heard reports from Vietnamese commercial banks operating in Laos on their business performance. The banks were found to have achieved positive results and contributed to the country’s economic development.
Separately, BOL Governor Mrs Bounkham Vorachit attended an inaugural meeting with the SBV and the National Bank of Cambodia on Wednesday.
The meeting followed up on the outcomes of a meeting of senior leaders of the three countries’ ruling Parties held in Phnom Penh in early February, which outlined strategic directions for strengthening regional integration in economic affairs, trade, investment, energy and infrastructure.
Governors and senior officials from the three central banks discussed global, regional and domestic economic developments and their implications for monetary policy, while discussing future cooperation, particularly through multilateral arrangements.
The meetings marked another step in strengthening banking links between Laos, Vietnam and Cambodia and opening up further opportunities for closer regional financial cooperation.

By Times Reporters
 (Latest Update November 6, 2026)