China and Vietnam have officially launched a cross-border QR code payment system, allowing Chinese consumers to pay at Vietnamese merchants using UnionPay-enabled mobile wallets. The rollout began on December 2, 2025, in Hanoi, covering over 10,000 VietQR Global merchants including shopping areas, tourist attractions, and restaurants.

The project is based on mutual recognition of technical standards and a single-system integration approach. Initially, Chinese wallets such as UnionPay's Cloud QuickPass app can scan VietQR codes in Vietnam. Future plans include enabling Vietnamese wallets to scan UnionPay QR codes in China, ultimately establishing two-way cross-border QR payments to facilitate travel, trade, and other economic exchanges.

Implementation Framework: The initiative followed a series of agreements and memorandums:

1. August 2024 – Memorandum of understanding on cross-border payment cooperation signed by China’s and Vietnam’s central banks.

2. October 2024 – UnionPay and NAPAS signed a technical cooperation memorandum for QR code interoperability.

3. April 2025 – Joint operational agreement signed with participating settlement banks to define execution and reconciliation procedures.

Merchant Coverage: Participating merchants include high-frequency consumption sectors, ensuring immediate transactional impact. Existing UnionPay card acceptance at Vietnamese POS terminals and online platforms such as Vietnam Airlines and Lazada Vietnam facilitates broader adoption.

Cross-Border Settlement: Transaction clearing and settlement follow bilateral agreements between UnionPay and NAPAS, with settlement banks managing cross-border fund flows.

Scalability: UnionPay has implemented similar QR code interoperability in about 50 countries and regions, with nearly 50 million merchants currently supporting UnionPay mobile wallet payments. This deployment provides a tested model for scaling cross-border retail payment solutions.

1. Expanded Market Access: Foreign banks and payment providers operating in China or Vietnam can leverage this framework to integrate with domestic mobile wallets, facilitating consumer and SME payment flows.

2. Operational Predictability: Standardized technical protocols, single-system integration, and formalized settlement pathways reduce uncertainty for financial institutions processing cross-border transactions.

3. Cross-Border Growth Opportunities: Retail, tourism, and digital commerce sectors benefit from frictionless payments, which may increase transaction volumes and reduce reliance on cash or cards.

The launch signals a move toward a more structured, interoperable, and scalable cross-border payments environment in Southeast Asia—important for global financial institutions assessing operational and strategic exposure in the region.