Korea’s Alliex plans to invest $721 million into Vietnam’s POS system

The $721 million investment will be disbursed in a period of five years, in which the first year will consume an estimated $100 million, in a bid to enhance the integrated POS system in Vietnam, thus promoting the country’s transition to cashless payment along the way.

Alliex’s investment plan has been announced within the context of Deputy Prime Minister Vuong Dinh Hue’s working visits to Myanmar and Korea from June 19-23.

Such plan is mostly welcomed by Vietnam when the local government has set a clear path for the nation to become a cashless society by 2020. Core approaches to help realise the cashless goal have thus been identified as standardising QR code payments and rounding up a syndicated POS system.

Alliex representative Park Byounggun said that based on Korea’s experiences, it all comes down to changing customers’ habit and leveraging government’s supportive programmes to help promote cashless payments. The company, in this case, will provide Vietnam with technical supports and lessons learnt from the programmes implemented by the Korean government.

Hue thus suggested Alliex to work closely with the State Bank of Vietnam and the Government Office to come up with a certain roadmap for the development of the integrated POS infrastructure, and accordingly report to the Prime Minister.

Korean capital has flown robustly into local sectors like textile and garment, footwear, electronics, retail and consumer goods over the years. In the past few years, there has been a shift in Korean investments into Vietnam, in which banking and finance, and fintech, have drawn a robust interest from Korean banks, securities companies and venture capitalists.