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On January 7, Visa announced a partnership with VPBank, Shinhan Bank Vietnam, and MB to launch the Global Trade Payment Platform (GTPP), described as the market’s first global card-based solution for trade payments, enabling Vietnamese importers to pay South Korean suppliers using Visa Commercial Cards.
According to the Korea Trade Investment Promotion Agency (KOTRA) and The Korea Times, annual trade between Vietnam and South Korea reached $86.7 billion in 2024 and is projected to grow towards $150 billion by 2030, underscoring demand for more efficient cross-border payment solutions.
Business-to-business (B2B) payments are the backbone of Vietnam’s economy, where small- and medium-sized enterprises (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 per cent of payment volumes among B2B card‑accepting merchants in Vietnam, signalling 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 seamless cross-border payments, improved cash-flow management, digitised documentation for transparency, and fast, secure settlement. GTPP also expands international trade opportunities by connecting buyers to a broader supplier network in South Korea through its partnership with KOTRA.
"The launch of GTPP reflects Visa’s commitment to enabling inclusive economic growth and supporting SMEs, which are the backbone of the Vietnamese economy," said Dung Dang, Visa country manager for Vietnam and Laos. "By empowering small businesses with secure, efficient payment tools, we help drive sustainable economic growth and create opportunities for Vietnamese enterprises to thrive globally."
"By enabling B2B payments via corporate cards through GTPP, SMEs in both countries can now transact quickly, safely, and transparently," said Jung Hun Lee, executive vice president for AI Trade-Investment at KOTRA. "This solution is expected to vitalise transactions between Vietnamese businesses and more than 150,000 South Korean export companies supported by KOTRA."
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“We see international payments as a major hindrance for global trade. By integrating the VPBiz Visa Platinum solution with GTPP, payments can be completed in about two minutes, with flexible credit limits and extended grace periods, helping businesses improve cash flow, cut funding costs, and strengthen competitiveness in the Vietnam–South Korea supply chain,” a VPBank representative said.
Kang Gewwon, CEO of Shinhan Bank Vietnam, said, “The launch of GTPP is a key step in our digital strategy and an important milestone in promoting international payments in Vietnam. We aim to help Vietnamese businesses access a modern, transparent, and secure global payment system and strengthen their competitiveness.”
"The launch of the MB Visa Hi BIZ commercial card is a key step in building a comprehensive digital financial ecosystem for enterprises," said Nguyen Xuan Cuong, deputy director of MB Digital Banking. "Through GTPP, it enables secure card payments with a competitive foreign exchange rate of 1.2 per cent, helping businesses reduce costs and support operations from daily payments to international expansion."
The launch builds on cooperation between Visa and its banking partners to expand digital payment options for Vietnamese businesses. VPBank, Shinhan Bank Vietnam, and MB were recognised with Visa’s 'Excellence Award for First Mover Leadership in B2B Commerce for SMEs 2025' for their role in bringing GTPP to market. The initiative aligns with Visa’s broader push to modernise B2B payments in Asia-Pacific as Vietnam’s trade links with South Korea continue to deepen.
