A cross-border payment service for Vietnam and Laos, via the Lao Bao and Densavan border gates, was launched on March 3 by the two neighbouring provinces of Quang Tri and Savannakhet.
The launch ceremony took place at the Lao Bao Special Economic Zone in Huong Hoa district in the central province of Quang Tri.
Vilayvanh Phomekhe, member of the Lao People’s Revolutionary Party Central Committee and Mayor of Savannakhet province, and Le Huu Phuc, member of the Communist Party of Vietnam Central Committee and Mayor of Quang Tri province, described the event as a move to strengthen the special relationship between Vietnam and Laos in general and between the two border provinces in particular.
They said the two provinces will create favourable conditions to ensure the implementation of cross-border payment service in an effective manner. The payment services will be managed by the Vietnam Bank of Agriculture and Rural Development (Agribank) and the Phongsavanh Bank of Laos.
Agribank Vietnam has successfully managed cross-border payment services between the Sino-Vietnamese border for many years.