Stories of certain Chinese-owned shops in Vietnam using unauthorised Chinese-issued payment POS machines to accept Chinese card and QR-code payment from Chinese tourists travelling to Vietnam have been highlighted by Vietnamese media, raising concerns about unauthorised foreign currency payment and tax losses involving visiting Chinese tourists.
According to VIMO representatives, a licensed payment intermediary in partnership with both WeChat Pay and Alipay, this is a breach of Vietnam Laws. Due to prices listed and payment accepted in foreign currency in the territory of Vietnam, it has caused direct money flows from buyers bank cards or e-wallets to that of the sellers in the China territory only without flowing into Vietnam, and has resulted in unmanageable transactions as well as tax losses.
Emphasising the need for Cross-Border E-Payment, VIMO highlighted that the company has been contributing 30-50% increase in turnover for Vietnamese businesses thanks to its convenient e-payment methods, which also stimulate consumption among foreign tourists, as they no longer need to carry so much cash, but just the handy mobile phone.
Company officials have also advised Chinese tourists visiting Vietnam to only pay at local stores accepting legal WeChat Pay and Alipay issued by VIMO to stay safe and avoid unnecessary trouble with local authorities similar to recent cases in Ha Long Bay.
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