VietinBank (CTG) and NAPAS Sign VietQRGlobal MOU with Central Retail Thailand

Overview

VietinBank (CTG, HOSE), the National Payment Corporation of Vietnam (NAPAS) and Central Retail Corporation of Thailand signed a memorandum of understanding on 17 September in Bangkok to deploy VietQRGlobal cross-border QR payments across Central Retail’s Thai store network. The agreement covers more than 3,000 points of sale in 63 Thai provinces and was announced during Vietnam Week in Thailand 2026. For CTG, the deal extends its cross-border payment franchise into one of Vietnam’s largest outbound-tourism corridors.

Key Facts

• MOU signed on 17 September in Bangkok during Vietnam Week in Thailand 2026 by NAPAS, VietinBank and Central Retail Corporation.
• VietQRGlobal to be accepted at more than 3,000 Central Retail outlets across 63 Thai provinces.
• Covered banners include Central, Robinson, Tops, Tops Daily, Supersports and Topcare.
• Vietnamese visitors will pay by scanning QR codes through domestic banking apps or e-wallets, replacing cash and foreign-exchange conversion.
• Central Group Chairperson Wallaya Chirathivat said the group plans to invest an additional USD 1.5 billion in Vietnam, focused on retail and real estate.
• Central Retail has invested roughly THB 49 billion (about USD 1.5 billion) in Vietnam since 2012; combined Central Retail and Central Pattana plans could exceed USD 3 billion over 10-15 years.
• Central Retail operates in 26 of Vietnam’s 34 provinces and cities, serves about 500,000 customers daily and employs roughly 13,000 people.
• CTG closed at VND 31,400 on 17 September 2026.

What Happened

According to the signed memorandum, the three parties will coordinate the rollout of VietQRGlobal across Central Retail’s supermarket and retail network in Thailand. Once live, Vietnamese tourists can use domestic banking applications or e-wallets to scan QR codes directly at more than 3,000 Central Retail stores spanning 63 Thai provinces, rather than carrying cash or converting foreign currency. Sukulaya Uahwatanasakul, Senior Vice President of Treasury at Central Retail Corporation, said this was the first MOU Central Retail has signed with NAPAS and VietinBank to connect cross-border payments through VietQRGlobal, aimed at supporting shopping, trade and tourism between the two countries.

Nguyễn Đăng Hùng, Deputy General Director of NAPAS, framed the partnership as an expansion of the VietQRGlobal acceptance network linking Vietnam’s payment infrastructure to international markets. Trần Công Quỳnh Lân, Deputy General Director of VietinBank, said the agreement would strengthen cashless payment connectivity between Vietnam and Thailand and facilitate tourism-related payment flows. The parties also plan joint marketing and communications to promote VietQRGlobal to Vietnamese visitors in Thailand and Thai visitors in Vietnam. The announcement follows an October 2025 rollout in which NAPAS and Central Retail Vietnam deployed VietQRPay and VietQRGlobal across the GO! and Tops Market hypermarket chains in Vietnam.

Market Context

CTG closed at VND 31,400 on 17 September 2026 on HOSE. The MOU sits at the intersection of Vietnamese banking, retail and real estate, three sectors where Thai conglomerate Central Group has built a substantial footprint. Central Retail’s existing Vietnamese network, spanning 26 of 34 provinces and cities with roughly 500,000 daily customers, makes the group a meaningful counterparty for Vietnamese payment infrastructure. The announcement also reinforces a broader trend of Vietnamese banks and NAPAS extending QR interoperability into regional markets, positioning cross-border payments as a fee-income growth channel alongside traditional lending.

Strategic Significance

For CTG, the strategic value lies less in near-term fee income than in positioning VietinBank as a settlement and acceptance partner for Vietnamese consumer spending abroad. Outbound tourism payments have historically leaked to cash, card networks and foreign exchange desks; capturing them through a domestic QR rail keeps transaction data, float and merchant relationships inside the Vietnamese banking system. The parallel USD 1.5 billion Vietnam investment plan from Central Group signals that the retail and real estate relationship underpinning this payment corridor is deepening rather than one-directional, giving VietinBank a counterparty with growing onshore scale. The competitive question is whether CTG can convert this MOU into exclusive or first-mover acceptance economics before rival Vietnamese banks and wallets negotiate similar regional tie-ups.

What to Watch

• Confirmation of a go-live date for VietQRGlobal acceptance at Central Retail Thailand outlets.
• Disclosure of transaction volumes or merchant discount rates attributable to CTG from the partnership.
• Progress on Central Group’s USD 1.5 billion Vietnam investment plan, including Central Pattana real estate projects and any associated financing mandates.
• CTG’s Q3 2026 results for evidence of cross-border and payment fee income contribution.
• Whether NAPAS extends VietQRGlobal to additional Thai merchant networks, which would test the durability of CTG’s first-mover position.