Vietnam masters polymer banknote tech with homegrown innovation
Vietnamnet
Vietnam masters polymer banknote tech with homegrown innovation
Vietnam has become the third country in the world to independently produce its own polymer-banknote substrate, thanks to home-grown innovation pioneered by Q&T High‑Tech Polymer Co., Ltd. (Q&T).
The initiative began in the early 1990s, inspired by a directive from the late Prime Minister Võ Văn Kiệt, who handed a five-dollar Australian polymer banknote to the former Governor of State Bank of Vietnam, prompting Vietnam to research polymer banknote technology. In December 2003, Vietnam issued its first polymer banknotes, but initially still depended on imported substrates.
By 2022, Q&T had developed its “PolySecure” technology, enabling multilayer polymer substrates produced domestically and ending Vietnam’s long-standing reliance on imports. The domestically produced substrates enhanced durability, anti-counterfeiting ability and shortened lead times from 6-9 months (for imports) to about one month. More than 90% of materials used are sourced within Vietnam, building a high-tech local value chain and retaining previously imported foreign currency.
Q&T’s partnership with global firm Crane Currency underscores Vietnam’s emerging role in the global banknote security market.