Vietnam is set to provide polymer note printing services to South Africa
VNS/WVR - Vietnam is emergence as a hub for high-tech currency production has reached new heights, establishing the nation as a key player in delivering comprehensive currency solutions.
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Q&T, located in the Hoa Lac Hi-tech Park, has successfully developed polymer substrates for banknotes, marking a significant advancement that enhances the durability, security, and environmental sustainability of currency.
This was highlighted during a recent visit by African ambassadors and representatives to the Hoa Lac Hi-tech Park and Q&T Hi-tech Polymer facilities on Friday, 6 December.
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| Jamale Chouaibi, Ambassador of Morocco in Vietnam (left side), visits the plant of Q&T Hi-tech Polymer in Hoa Lac Hi-tech Park on 6 December 2024. (Source: Q&T) |
The National Banknote Printing Plant of Vietnam (NBPP) and Q&T are transforming the future of currency manufacturing, showcasing Vietnam’s potential as a partner for countries seeking cost-effective and secure solutions.
Q&T, located in the Hoa Lac Hi-tech Park, has successfully developed polymer substrates for banknotes, marking a significant advancement that enhances the durability, security, and environmental sustainability of currency.
This innovation complements NBPP's two decades of expertise in polymer technology, enabling Vietnam to provide comprehensive services that encompass substrate production and high-quality banknote printing.
Nguyen Duc Cuong, chairman of NBPP, emphasized this collaboration, stating: "We can produce all types of notes in the world using polymer, with a capacity of up to five billion pieces annually. This partnership reduces costs and enhances efficiency."
Vietnam’s expertise offers invaluable solutions for countries grappling with high outsourcing costs and vulnerabilities to counterfeiting.
During his visit, Ambassador Jamale Chouaibi of Morocco noted that many African nations are incurring high expenses to print their currency abroad. “What we saw here today offers the same, if not better, quality at a much lower cost,” he remarked.
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| Delegates attend a discussion session at Q&T. (Source: Q&T) |
A catalyst for South-South cooperation
The delegation's visit aimed not only to showcase technological capabilities but also to strengthen ties within the Global South. Ambassador Chouaibi highlighted the shared objectives between Morocco and Vietnam.
"Together, we can become stronger and more prosperous. The potential for collaboration is immense, particularly in tackling challenges like counterfeit currency in Africa,” he stated.
He also informed that discussions have taken place between the Central Bank of Morocco and the Central Bank of Vietnam regarding payment issues faced by some Vietnamese enterprises in Africa.
Mozambique’s Ambassador Ilundi Dos Santos echoed this sentiment, proposing that Vietnam supply both raw materials and printing services for Mozambican currency.
"There is potential for us to collaborate and work on something meaningful here," she said, emphasizing Vietnam’s extensive experience in currency production.
Despite these advancements, challenges remain. As a representative from Q&T noted, the polymer banknote production sector is dominated by a few global players, posing significant barriers for smaller nations.
However, Vietnam’s success in overcoming these obstacles sets a precedent for others. By sharing its technology, Vietnam paves the way for countries to attain greater self-reliance in currency production.
“Our slogan, ‘Together to Be Better,’ encapsulates our vision of a fairer world. We are eager to share our technology and expertise to foster international collaboration in polymer banknote production,” stated Q&T's representative.
This philosophy not only empowers nations to modernize their monetary systems but also promotes sustainability by reducing dependence on foreign suppliers.
The involvement of Southern African nations in this collaboration holds particular promise. Vuyiswa Tulelo, South Africa's Ambassador to Vietnam, underscored the broader implications of Q&T’s technology.
"This goes beyond printing money; it’s about the security, integrity, and identity of nations. South-South relationships are critical, and Q&T’s work illustrates the transformative potential of such partnerships," she remarked.
Vietnam’s ability to provide full-package services - from polymer substrate production to high-quality printing- positions it as an essential partner for African nations and beyond.
This partnership model signifies not only a technological achievement but also a milestone of South-South cooperation.
"Together, we can become stronger, brighter, and more prosperous,” Ambassador Chouaibi concluded. (VNS)
