Vietnam National Administration of Tourism in Korea Holds Business Agreement Ceremony with NAPAS to Promote 'Tourism Pay'

[From the left, NAPAS Vice President Nguy?n ??ng H?ng, NAPAS Chairman Nguy?n ??ng H?ng, Vietnamese Ministry of Culture, Sports and Tourism Deputy Minister ?o?n V?n Vi?t, Vietnam National Administration of Tourism Director Nguyen Trung Khanh, Vietnam Tourism Ambassador to Korea Lee Chang-geun, KONDOR CEO Cha Se-young]

The Vietnam National Administration of Tourism in Korea announced on the 28th of last month that it signed a Memorandum of Understanding (MOU) on cooperation for Tourism Pay to revitalize tourism between Korea and Vietnam with NAPAS, the Vietnamese state-owned payment switching operator.

The signing ceremony, hosted by the Vietnam National Administration of Tourism in Korea and Condor Co., Ltd., was attended by key figures including Doan Van Viet, Vice Minister of the Ministry of Culture, Sports and Tourism of Vietnam; Nguyen Trung Khanh, Director of the Vietnam National Administration of Tourism; Ly Thuong Khanh, Tourism Ambassador of the Vietnam National Administration of Tourism in Korea; Nguyen Quang Hung, Chairman of NAPAS; Nguyen Dang Hung, Vice President of NAPAS; Cha Se-young, CEO of Condor; Lee Jung-hee, CEO of KS Net Plus; and Han Hee-seok, Executive Director of Danal Fintech.

NAPAS is a state-owned payment switching operator under the State Bank of Vietnam, with 54 Vietnamese and foreign banks as members. It issues NAPAS brand cards and has approximately 100 million members. It operates 19,200 ATMs, 300,000 Point of Sale (POS) systems, and provides various online and offline payment services through 40 payment partners.

[Lee Chang-geun, Tourism Ambassador of the Vietnam National Administration of Tourism in Korea]

Condor Co., Ltd., which hosted the signing ceremony, is a venture company playing a catalytic role in the Tourism Pay project, including the development and operation of Tourism Pay services, formation and participation in communities and councils, hosting and organizing conferences, and forming and recruiting consortiums. The overall project will be carried out by Condor Tech, its subsidiary located in Vietnam.

Through this agreement, the two countries aim to promote direct and indirect tourism exchanges by encouraging convenient payment services without currency exchange for tourists from both countries and securing a foothold for fintech tourism companies from both countries to enter each other's markets.

The core of this agreement is to serve as a bridge to create an environment where the tourism industries of Korea and Vietnam grow together. Going forward, Korean and Vietnamese tourists will be able to enjoy convenient shopping with mobile QR and barcode payments without separate currency exchange in both countries, providing various conveniences.

The Vietnam National Administration of Tourism in Korea also revealed plans to strengthen mobile-based infrastructure and actively collaborate with IT companies, travel agencies, and related businesses to build travel convenience services using mobile technology, such as vehicle reservation mobility, Tourism Pay, and location-based safety guardians, enabling travelers from both countries to enjoy more comfortable and safer trips.

Doan Van Viet, Vice Minister of the Ministry of Culture, Sports and Tourism, said, “Tourism is one of the most actively cooperative fields in the friendly and cooperative relationship between Korea and Vietnam and has continuously played an important bridging role in diplomatic relations. We hope this signing ceremony will improve tourism convenience for tourists from Korea and Vietnam, promote tourist exchanges between the two countries, and contribute to the Vietnamese government’s ‘cashless payment’ policy.”

Ly Thuong Khanh, Tourism Ambassador of the Vietnam National Administration of Tourism in Korea, expressed gratitude to the Ministry of Culture, Sports and Tourism, the Vietnam National Administration of Tourism, NAPAS, and Condor for their support, saying, “We consider the great interest and support for promoting the Tourism Pay project to revitalize Korea-Vietnam tourism as a huge encouragement. The cashless payment system, which will be introduced through swift administrative support from Vietnamese authorities and cooperation with NAPAS, will be the first of its kind since COVID-19 and will be uniquely developed and operated. Through this, we hope for the development of the tourism industries of both countries and for the future 30 years of Korea and Vietnam to advance dramatically and coexist as eternal partners.”

Nguyen Quang Hung, Chairman of NAPAS, responded, “We believe this will serve as a foundation to exchange information and provide simple, convenient, and safe payment services to tourists from both countries. Furthermore, both sides will continue discussions and promptly promote publicity and marketing activities to offer safe tourism and conveniences to tourists.”