Visa launches innovative card-based trade payment platform to boost Vietnam–South Korea trade

Visa has launched the Global Trade Payment Platform (GTPP) on 7th January. This card-based solution aims to make trade payments easier between Vietnam and South Korea. Developed in partnership with VPBank, Shinhan Bank Vietnam, and MB, the platform enables Vietnamese importers to pay South Korean suppliers using Visa Commercial Cards. 

This initiative addresses the growing demand for efficient and secure cross-border payment mechanisms, as bilateral trade between the two countries reached $86.7 billion in 2024 and is projected to approach $150 billion by 2030.

Small and medium-sized enterprises (SMEs) are crucial to Vietnam’s economy, contributing to growth and job creation. B2B payments are crucial for business activities, and Vietnam leads in the Asia-Pacific region for B2B card adoption. It contributes 8.3% of payment volumes from B2B card-accepting merchants.

“The launch of GTPP reflects Visa’s commitment to enabling inclusive economic growth and supporting SMEs, which are the backbone of the Vietnamese economy,” noted 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,” he added.

The GTPP leverages this readiness for digital transformation, offering SMEs a platform for seamless, secure, and transparent trade payments.

Features and benefits of the GTPP

The GTPP integrates with the VPBiz Visa Platinum Card, Shinhan Visa Corporate Card, and MB Visa Hi BIZ Card, providing Vietnamese businesses, particularly SMEs, with several advantages, including the following.

Efficient cross-border payments. Transactions can be completed in approximately two minutes, significantly reducing payment processing times.

Improved cash flow management. Flexible credit limits and extended grace periods help businesses optimise working capital.

Digitised documentation. Enhanced transparency through digital records facilitates compliance and audit processes.

Expanded market access. The platform connects buyers to a broad network of over 150,000 South Korean exporters supported by the Korea Trade Investment Promotion Agency (KOTRA).

Jung Hun Lee, executive vice president for AI Trade-Investment, KOTRA, added to this, stating, “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 vitalise transactions between Vietnamese businesses and more than 150,000 South Korean export companies supported by KOTRA.”

Implications for Vietnam–South Korea trade relations

The launch of GTPP strengthens trade relations between Vietnam and South Korea by facilitating faster and more secure payments. This supports global supply chain integration and boosts competitiveness.

“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,” quoted Kang Gewwon, CEO of Shinhan Bank Vietnam.

“The launch of the MB Visa Hi BIZ commercial card is a key step in building a comprehensive digital financial ecosystem for enterprises. 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,” said Nguyen Xuan Cuong, deputy director of MB Digital Banking.

As Vietnam’s trade with South Korea continues to expand, GTPP is likely to play a critical role in facilitating efficient, secure, and scalable trade finance solutions.