KUALA LUMPUR - South Korea’s cross-border QR payment service was officially launched in Hanoi on April 23, marking a new step in bilateral financial connectivity between Vietnam and South Korea.

The initiative is aimed at strengthening tourism, trade and cashless transactions between both countries, as reported by Tuoi Tre News.

Speaking at the launch ceremony, Pham Anh Tuan, head of the Payment Department under the State Bank of Vietnam said the State Bank of Vietnam has been actively promoting QR-based retail payment connectivity in recent years.

He said the system is designed to improve convenience for users while supporting the growth of tourism and commercial exchanges.

“From today, South Korean tourists can shop and use services in Vietnam more easily.

“In the coming period, the parties will work to complete the reverse connection so Vietnamese tourists can also use QR payments conveniently in South Korea,” he said.

Tuan said the QR linkage allows tourists from both countries to transact using their local currencies.

He said this would help promote cashless payments and improve convenience for travellers.

Nguyen Quang Minh, chief executive officer of National Payment Corporation of Vietnam, said the service enables more than 115 million bank and e-wallet accounts from South Korea to scan VIETQR Global codes across hundreds of thousands of acceptance points in Vietnam.

He said transactions are processed in real time, providing a fast and secure payment experience similar to domestic payments in South Korea.

The service also supports direct settlement between the South Korean won and the Vietnamese dong.

This is done through the infrastructure of the Bank for Investment and Development of Vietnam and Hana Bank.

“This direct local currency settlement mechanism makes transactions faster, reduces costs, and lowers dependence on intermediary currencies,” Minh said.

BIDV CEO Le Ngoc Lam said BIDV plays a central role in settlement by ensuring transactions are processed quickly, safely and accurately.

He said the bank is also expanding its acceptance network across tourism, retail and service sectors.

This includes businesses ranging from small household operators to large enterprises.

GLN International CEO Lee Suk said the service is expected to strengthen economic and cultural exchanges while improving QR payment accessibility for Vietnamese users across Asia.

Hana Bank CEO Lee Ho Sung said the bank would continue working with BIDV and NAPAS to expand digital financial services beyond traditional payment functions.

Partners are expected to complete two-way payment connectivity in the next phase, allowing Vietnamese users to make QR payments directly in South Korea.

In 2025, Vietnam recorded more than 21.2 million international arrivals, up 20 per cent year-on-year.

South Korea remained the second-largest source market with around 4.3 million visitors, accounting for 20 per cent of total arrivals.

At the same time, about 550,000 Vietnamese travelled to South Korea, an increase of nine per cent compared with 2024.