By Ly Ly Cao

HÀ NỘI — As Việt Nam remains firmly in control of its banknote printing capabilities, domestic firms like Q&T Hi-tech Polymer are enhancing the country's financial autonomy, while also positioning themselves as strong competitors in the global market for polymer banknote materials.

At the heart of Việt Nam’s sovereign currency strategy lies the National Banknote Printing Plant of Việt Nam (NBPP), the sole institution authorised to print Vietnamese currency.

In recent years, the plant has progressively transitioned to using local suppliers for polymer substrates, a market that was long dominated by foreign providers.

Among these, Q&T Hi-tech Polymer has emerged as a leading player.

The company’s polymer substrates have passed stringent technical and security evaluations, proving compatible with the NBPP’s production systems and resilient under Việt Nam’s humid climate conditions.

The materials also demonstrate high ink adhesion, vivid image reproduction and strong anti-counterfeiting features.

“In the past three years, we have rigorously tested Q&T’s polymer substrates in both laboratory and live production settings,” said the chairman of NBPP, Nguyễn Đức Cường.

“The results confirm that Q&T’s materials meet our highest standards of durability, security and visual integrity.”

In just the first five months of 2025, Q&T, in joint ventures with TFS, has successfully secured four separate procurement contracts from the NBPP.

These include contracts signed on February 21, March 14, March 21 and, most recently, May 16, for a new VNĐ100,000 denomination.

Each contract adheres strictly to Việt Nam’s public procurement regulations, underscoring transparency and confidence in Q&T’s capabilities.

With its domestic credentials firmly established, Q&T is now turning its attention to international markets.

Between May 26- 9, the company participated in the 2025 Currency Conference in Bangkok, a prestigious gathering that draws central banks and currency authorities from more than 70 countries.

Q&T showcased its latest security technologies, including anti-counterfeit features such as transparent windows, active imagery and 3D elements, enhancements already integrated into its polymer substrates.

The company sees this as a strategic opportunity to present its innovations and explore collaborations with global partners who are modernising their currency systems.

Polymer currency on the rise

Q&T’s global prospects are buoyed by a rising international trend: the transition from paper to polymer banknotes.

Countries such as Brunei, Singapore and Romania have already made near-complete or total shifts to polymer currency.

Others, including Saudi Arabia, the Philippines, Fiji and Mozambique, are actively integrating polymer denominations alongside paper notes.

This transition is driven by the inherent advantages of polymer: enhanced durability, superior anti-counterfeiting properties and reduced long-term production costs.

It’s no surprise that the polymer currency is becoming the material of choice for countries facing high circulation rates and challenging environmental conditions.

At the Bangkok Currency Conference, Q&T plans to engage directly with representatives from many of these countries.

The event offers a golden opportunity to position the company, not just as a Vietnamese success story, but as a global provider of high-security polymer materials and services. — BIZHUB/VNS