UnionPay, ICBC, NAPAS, and Vietcombank Sign QR Code Payment Agreement for Local Currency Settlement Across Almost All Merchant POS Terminals

UnionPay, the Industrial and Commercial Bank of China (ICBC), the National Payment Corporation of Vietnam (NAPAS), and Vietcombank have signed a four-party cooperation agreement aimed at enhancing QR code payment connectivity between China and Vietnam. This agreement will facilitate local currency settlement services for cross-border transactions, enabling almost all merchant point-of-sale (POS) terminals in Vietnam to accept UnionPay cards. This initiative marks a notable advancement in payment integration as part of the Belt and Road Initiative (BRI), aimed at improving financial cooperation between the two nations.