Visa Joins Vietnamese Partners to Launch Global Trade Payment Platform

Visa (NYSE: V), a world leader in digital payments, has partnered with Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Shinhan Bank Vietnam and Military Commercial Joint Stock Bank (MB) to launch the Global Trade Payment Platform (GTPP) as the market’s first global card-based solution for trade payments, enabling importers to pay Korean suppliers using Visa Commercial Cards.

Annual trade between Vietnam and South Korea reached US$86.7 billion in 2024, according to the Korea Trade Investment Promotion Agency (KOTRA) and The Korea Times, and is projected to grow toward $150 billion by 2030. This innovation aims to simplify cross-border transactions, reduce errors, and provide real-time reconciliation for greater efficiency.

B2B payments are the backbone of Vietnam’s economy, where SMEs play a vital role in driving growth and employment. Visa’s recent study shows Vietnam leads Asia Pacific in B2B card adoption at 8.3% of B2B payment volumes among B2B card‑accepting merchants in Vietnam, signaling strong readiness for digital transformation. By enabling secure, efficient cross-border payments, GTPP can help businesses integrate into global supply chains, improve cash flow, and access new markets – critical steps as Vietnam strengthens trade ties with Korea and beyond.

By enabling payments through the VPBiz Visa Platinum Card, Shinhan Visa Corporate Card, and MB Visa Hi BIZ Card, the platform provides Vietnamese businesses – especially small and medium-sized importers – with clear benefits: seamless cross-border payments, improved cash-flow management, digitized documentation for transparency, and fast, secure settlement. GTPP also expands international trade opportunities by connecting buyers to a broader supplier network in Korea through its partnership with KOTRA.

“As global trade becomes increasingly diverse, strengthening Vietnam’s integration into global supply chains and international supplier networks is a strategic priority for Visa and our banking partners. The launch of GTPP reflects Visa’s commitment to enabling inclusive economic growth and supporting SMEs, which are the backbone of the Vietnamese economy. By empowering small businesses with secure, efficient payment tools, we help drive sustainable economic growth and create opportunities for Vietnamese enterprises to thrive globally,” said Ms. Dung Dang, Visa Country Manager for Vietnam and Laos.

“Vietnam is currently Korea’s third largest export market. By enabling B2B payments via corporate cards through GTPP, SMEs in both countries can now transact quickly, safely, and transparently. This solution is expected to vitalize transactions between Vietnamese businesses and more than 150,000 South Korean export companies supported by KOTRA,” Mr. Jung Hun Lee, Executive Vice President for AI Trade-Investment, KOTRA, shared.

"We understand that international payments remain a significant bottleneck in global trade. That is why the VPBiz Visa Platinum solution, integrated with GTPP, is designed to eliminate critical pain points through a payment process that takes only about two minutes, offers flexible credit limits, and provides extended grace periods. This enables businesses to optimize cash flow, reduce funding costs, and enhance their competitiveness within the Vietnam–Korea supply chain,” a VPBank representative stated.

Mr. Kang Gewwon, CEO of Shinhan Bank Vietnam, said: "The launching of GTPP is not only a significant step in Shinhan Bank’s digital service development strategy, but also an important milestone that affirms our pioneering role in promoting international payments in Vietnam. Through GTPP, Shinhan Bank aims to contribute to enhancing competitiveness of Vietnamese enterprises by enabling access a modern, transparent, and secure global payment system. We believe that the digital financial solutions like GTPP will serve as a critical lever for advancing Vietnam’s international economic integration while demonstrating Shinhan Bank’s long-term commitment to supporting the sustainable development of Vietnamese business community.”

"The launch of the MB Visa Hi BIZ commercial card marks a key step in MB’s strategy to build a comprehensive digital financial ecosystem for enterprises. By enabling seamless and secure card payments via GTPP, along with a highly favorable foreign exchange (FX) rate of only 1.2% that enables businesses to reduce costs effectively, we help businesses streamline every stage of their operations – from daily payment needs to international expansion – ensuring our solutions align closely with the evolving demands of Vietnamese companies," said Mr. Nguyen Xuan Cuong, Deputy Director of MB Digital Banking.