Việt Nam News reported on Saturday, December 7, 2024 that Q&T Hi-tech Polymer, located in Hòa Lạc Hi-tech Park in Hanoi, has successfully developed its own 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 Hòa Lạc Hi-tech Park and Q&T Hi-tech Polymer facilities on Friday, December 6, 2024.
Việt Nam's 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. The National Banknote Printing Plant of Việt Nam (NBPP) and Q&T are transforming the future of currency manufacturing, showcasing Việt Nam's potential as a partner for countries seeking cost-effective and secure solutions.
NBPP's two decades of expertise in polymer technology enable Việt Nam to provide comprehensive services that encompass substrate production and high-quality banknote printing. Nguyễn Đức Cường, chairman of NBPP, emphasised 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."
Việt Nam'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. Mozambique’s Ambassador Ilundi Dos Santos proposed that Việt Nam supply both raw materials and printing services for Mozambican currency.
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, Việt Nam's success in overcoming these obstacles sets a precedent for others. By sharing its technology, Việt Nam paves the way for countries to attain greater self-reliance in currency production.
The involvement of Southern African nations in this collaboration holds particular promise. Vuyiswa Tulelo, South Africa's Ambassador to Việt Nam, 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.
Việt Nam'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.
