BIDV, Hana Bank Launch Cross-Border QR Payment Service Between Vietnam and South Korea

Overview

BIDV, in collaboration with Hana Bank, NAPAS, and GLN International, has officially launched a cross-border QR payment service between Vietnam and South Korea. The service enables Korean tourists and residents in Vietnam to make payments using Korean banking apps at hundreds of thousands of VIETQRGlobal acceptance points nationwide, marking a significant step in digital payment integration between the two countries.

Key Facts

• The service was launched on April 23, 2026, in Hanoi, with the participation of Deputy Governor of the State Bank of Vietnam Pham Tien Dung.
• In 2025, Vietnam welcomed over 21.2 million international visitors, a 20% increase from 2024, with South Korea being the second-largest source market at approximately 4.3 million visitors (20% of total).
• Vietnamese tourists to South Korea reached about 550,000 in 2025, up 9% year-on-year.
• The service allows Korean tourists and residents to use Korean banking apps or e-wallets to pay via QR codes at hundreds of thousands of VIETQRGlobal acceptance points across Vietnam.
• BIDV is the pioneering bank in establishing payment connections with Korean banks and e-wallets, demonstrating its technological capability and digital transformation leadership.
• The partnership involves NAPAS (National Payment Corporation of Vietnam) and GLN International, a global payment network.

What Happened

On April 23, 2026, in Hanoi, BIDV, Hana Bank, NAPAS, and GLN International officially launched a cross-border QR payment service between Vietnam and South Korea. The event was attended by Deputy Governor of the State Bank of Vietnam Pham Tien Dung, along with leaders from NAPAS, GLN, BIDV, Hana Bank, and the Vietnamese Tourism Ambassador to South Korea.

According to Mr. Pham Anh Tuan, Director of the Payment Department at the State Bank of Vietnam, the central bank has actively promoted bilateral retail payment connectivity via QR codes between Vietnam and South Korea to enhance payment convenience for customers and boost trade and tourism. He emphasized that the service will provide significant benefits for Korean tourists paying in their home currency and contribute to the cashless payment goals of both countries.

Market Context

BIDV (HOSE: BID) closed at VND 40,000 on April 15, 2026, down 0.12% with a volume of 6,041,900 shares. The launch of the cross-border QR payment service aligns with the broader trend of digital payment adoption in Vietnam, where the government and State Bank are actively promoting non-cash payments. As one of Vietnam’s largest commercial banks, BIDV’s move strengthens its position in the digital banking space and supports the growing tourism sector, particularly from South Korea.

Strategic Significance

This partnership positions BIDV as a key player in cross-border digital payments, leveraging its existing infrastructure and partnerships to capture transaction volume from the large Korean tourist and expatriate community in Vietnam. By integrating with Hana Bank and GLN International, BIDV expands its ecosystem beyond traditional banking, potentially increasing fee income and customer stickiness. The service also supports Vietnam’s broader goal of becoming a cashless society and enhances bilateral economic ties with South Korea.

What to Watch

• Adoption rate among Korean tourists and residents in Vietnam in the first quarter of operation.
• Expansion of the service to include Vietnamese tourists traveling to South Korea.
• Potential partnerships with other Korean banks or e-wallets to broaden the network.
• Impact on BIDV’s non-interest income from payment services in upcoming quarterly reports.
• Regulatory developments from the State Bank of Vietnam regarding cross-border payment frameworks.