Expanding Global Trade Opportunities with the GTPP Payment Platform

  News 1

Expanding Global Trade Opportunities with the GTPP Payment Platform

On January 7, Visa -The world's leading electronic payment technology company,in collaboration with three partner banks: Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Shinhan Bank Vietnam, and Military Commercial Joint Stock Bank (MB), officially launched the Global Trade Payment Platform (GTPP), this is the first platform in Vietnam to support global commercial card payments. Accordingly, the GTPP allows Vietnamese importers to pay Korean suppliers through Visa corporate cards.

According to the Korea Trade-Investment Promotion Agency (KOTRA) and The Korea Times, bilateral trade turnover between Vietnam and South Korea reached $86.7 billion in 2024 and is projected to hit $150 billion by 2030. The GTPP platform simplifies cross-border transactions, minimizes errors, and provides real-time reconciliation, thereby improving operational efficiency.

B2B payments are a cornerstone of the Vietnamese economy, where small and medium-sized enterprises (SMEs) play a vital role in driving growth and job creation. Recent research by Visa indicates that Vietnam leads the Asia-Pacific region in the adoption of business cards for B2B payments, accounting for 8.3% of total B2B payment value at B2B-accepting merchants in the country, this reflects a high level of readiness for digital transformation. By facilitating secure and efficient cross-border payments, GTPP enables businesses to integrate more deeply into global supply chains, improve cash flow, and access new markets - key steps as Vietnam strengthens trade ties with South Korea and other international markets.

The implementation of this new card payment method offers several practical benefits for Vietnamese businesses, particularly SME importers, including: seamless and secure cross-border payments, more effective cash flow management, digitized documentation for increased transparency, and faster settlement times. The GTPP platform also expands international trade opportunities by connecting Vietnamese buyers with Korean supplier networks through cooperation with the Korea Trade-Investment Promotion Agency (KOTRA).

Ms. Dang Tuyet Dung, Country Manager for Visa Vietnam and Laos, shared: “In an increasingly diverse global trade landscape, enhancing 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 demonstrates Visa's commitment to fostering inclusive economic growth and supporting SMEs - the backbone of Vietnam's economy. When equipped with secure and efficient payment tools, businesses can drive sustainable growth and expand into global markets.”

Mr. Jung Hun Lee, a representative from KOTRA, noted that Vietnam is currently South Korea's third-largest export market. Through the implementation of B2B payments via business cards on GTPP, SMEs in both nations can transact quickly, safely, and transparently. This solution is expected to boost transactions between Vietnamese enterprises and more than 150,000 Korean exporting companies supported by KOTRA.

Mr. Kang Gewwon, General Director of Shinhan Bank Vietnam, remarked that the deployment of the GTPP platform is not only a step forward in Shinhan Bank’s digital service development strategy but also a significant milestone affirming Shinhan’s role in promoting Vietnam's international payment transactions. Through the GTPP platform, Shinhan Bank aims to contribute to enhancing the competitiveness of Vietnamese enterprises, helping them access a modern, transparent, and secure global payment ecosystem.

"We believe that the application of digital financial solutions like GTPP will serve as a vital lever to promote Vietnam's international economic integration, while demonstrating Shinhan Bank's long-term commitment to accompanying the sustainable development of the Vietnamese business community," Mr. Kang Gewwon affirmed.

Mr. Nguyen Xuan Cuong, Deputy Director of the Digital Banking Division at MB, stated: "By implementing seamless and secure card payments on the GTPP platform and applying a foreign exchange (FX) conversion fee of only 1.2% - a maximum incentive to help businesses save costs effectively, we support enterprises in optimizing every operational stage- from daily payment needs to international expansion- we ensure that MB’s solutions always evolve alongside the changing needs of Vietnamese businesses."

VPBank, Shinhan Bank Vietnam, and MB were honored by Visa with the “Excellence Award for Pioneers in B2B Trade for SMEs 2025.”

Source: Hoang Chien

(https://congthuong.vn/mo-rong-co-hoi-thuong-mai-toan-cau-voi-nen-tang-thanh-toan-gtpp-438008.html)

News 2

Gold and Silver Prices Plunge as Investors Lock in Profits

A stronger US dollar added further downward pressure, despite the absence of net trading activity by the world’s largest gold ETF, SPDR Gold Trust. At the close of trading in New York, spot gold fell by $38.6 per ounce from the previous session, equivalent to a decline of nearly 0.9%, to $4,457.5 per ounce, according to data from Kitco.

Spot silver dropped by $3.05 per ounce, or nearly 3.8%, to settle at USD 78.26 per ounce. On the COMEX, gold futures for delivery in February 2026 declined by 0.7% to close at $4,462.5 per ounce.

The decline followed three consecutive strong gains earlier in the week, which had pushed gold close to the key $4,500-per-ounce level, driven by rising safe-haven demand linked to recent geopolitical developments in Venezuela. During the session, gold prices at one point fell by more than 1%, but losses narrowed toward the close after weaker-than-expected US employment data reinforced bets that the Federal Reserve would cut interest rates.

“We view today’s decline primarily as profit-taking following the recent rally,” said David Meger, director of metals trading at High Ridge Futures, in comments to Reuters. According to Meger, weak US labour data continue to strengthen expectations that the Fed will cut interest rates this year, helping to maintain an important source of support for precious metal prices.

US government data showed that job openings in November stood at 7.15 million, below forecasts and the lowest level since September 2024, down by 303,000 positions from October. Previously, job openings had increased only slightly in October.

In addition, a monthly report on private-sector employment from payroll services firm ADP showed that private employment rose by 41,000 jobs in December, reversing a decline of 29,000 jobs in November. However, this figure was lower than the 48,000 new jobs forecast by economists in a Dow Jones survey.

According to data from financial information provider LSEG, markets are pricing in total Fed rate cuts of 0.61 percentage points this year, equivalent to two to three cuts of 25 basis points each.

Meanwhile, CME’s FedWatch Tool shows that traders currently believe the Fed’s first rate cut of 2026 will not take place at the January meeting. The probability that the Fed will keep interest rates unchanged at 3.5–3.75% at its January 27–28 meeting stands at nearly 89%.

For the remainder of this week, investors’ attention will focus on the US nonfarm payrolls report for December, which is scheduled to be released by the US Labor Department on Friday.

The US dollar edged higher in Wednesday’s session, becoming another source of downward pressure on gold prices alongside profit-taking. The Dollar Index rose by 0.15% to close above 98.7 points. Over the first five trading sessions of the year, the index has gained more than 0.4%, according to MarketWatch data.

Analysts say geopolitical uncertainty will continue to drive investor demand for precious metals as a hedge against risk. After the US intervened in Venezuela, the White House confirmed its intention to pursue the acquisition of Greenland from Denmark.

The world’s largest gold ETF, SPDR Gold Trust, reported no net buying or selling on Wednesday, keeping its holdings unchanged at 1,067.1 tonnes of gold.

Meanwhile, the People’s Bank of China (PBOC) extended its gold-buying streak for a 14th consecutive month. In December, the central bank purchased a net 30,000 ounces of gold, according to Bloomberg estimates based on official data released by China.

Mr Meger said the data from China “continue to point to strong physical gold demand in Asia… giving the market further reason to believe that the recent rise in gold prices still has room to run.”

At 6:45 a.m. Vietnam time on January 8, spot gold in Asian trading rose by $5.7 per ounce from the previous US close, equivalent to an increase of 0.13%, to $4,463.2 per ounce. Converted at Vietcombank’s selling exchange rate, this was equivalent to about VND 141.8 million per tael, down VND 1.2 million per tael from the previous morning.

At the same time, Vietcombank quoted the US dollar at VND 26,048 for buying and VND 26,378 for selling, unchanged from the previous day.

World gold price movements over the past six months. Unit: USD/oz. Source: Trading Economics.

Source: Diep Vu

(https://vneconomy.vn/gia-bitcoin-tang-29-nhung-van-lep-ve-so-voi-muc-tang-53-cua-vang-trong-nam-nay.htm)

NEWS 3

Proposal for Vietnam-Specific ESG Standards for Enterprises

Enterprises have proposed that Environmental, Social, and Governance (ESG) criteria should be simplified and tailored to Vietnam’s context, enabling businesses to leverage their strengths rather than face additional financial and human resource burdens.

At the workshop “Sustainable Business: New Advantages – New Values” held on January 6, Mr. Nguyễn Thế Tùng, Chief Executive Officer of Queen Farm Ecological Agriculture Co., Ltd., emphasized the need for a dedicated ESG standard that is suitable for Vietnamese enterprises.

This proposal stems from his many years of working with S’tieng farmers, during which he observed that international environmental, social, and governance standards represent a vast and complex body of knowledge. It was only more than a year ago, when participating in an ESG-focused competition, that he truly came to understand these standards.

Mr. Tùng highlighted the importance of the mindset “Think global, act local” in developing such a framework. In other words, the selective integration of foreign ESG criteria must ensure compatibility with domestic enterprises, making compliance more feasible while allowing businesses to capitalize on their inherent advantages.

Queen Farm is the fourth-largest durian farm in Vietnam, cultivating varieties such as Musang King and Ri6, and applying an ecological and organic circular agriculture model. This year, the company ranked among the top three enterprises with outstanding ESG initiatives, as recognized by the Agency for Private Enterprise and Collective Economy Development under the Ministry of Finance.

As a corporate consultancy firm, Ms. Ngụy Thị Giang, Chairwoman of Green In Vietnam, noted that the biggest challenge for Vietnamese enterprises in implementing ESG lies in data, as international-standard reports impose stringent requirements on transparency.

Moreover, within the three pillars of ESG-Environment (E), Social (S), and Governance (G) - priorities vary depending on industry and scale. For instance, port and logistics enterprises focus heavily on the environmental aspect due to high emission levels. Agricultural enterprises tend to prioritize the social dimension because of their close engagement with farmers, while tourism businesses place greater emphasis on environmental and governance factors.

“The existence of a Vietnam-specific or city-level ESG certification would present a major opportunity for Vietnamese enterprises to access global markets, especially when current ESG reporting largely follows international standards,” Ms. Giang said. Such a certification would comprise criteria suited to enterprises at national or provincial levels.

Mr. Võ Văn Phong, Chief Executive Officer of C2T Communication and Tourism One Member Limited Liability Company (Bến Tre), proposed that ESG standards training should be simplified and easy to understand, enabling enterprises to “see a future” in adopting ESG practices.

One of the key challenges for enterprises in implementing ESG is financial capacity. For tourism companies like C2T, profits are kept deliberately low in order to allocate most revenues to community development. Queen Farm, meanwhile, has failed three times in investing in farm management software. Nevertheless, the company has remained persistent and plans to launch an enterprise resource planning (ERP) system specifically for the agricultural sector later this year.

Large enterprises such as Gemadept - Terminal Link also acknowledge that ESG requires substantial investment and does not generate immediate returns. While operating the Cái Mép - Thị Vải port - one of only 19 ports worldwide capable of accommodating ultra-large vessels - the company faces strict ESG requirements from European clients, who are not yet willing to pay higher fees to offset these investments.

Ms. Phạm Thị Ngọc Thủy, Director of the Office of the Private Economic Development Research Board (Board IV), stated that finance and human resources are the two biggest challenges enterprises face in the green transition. These issues are gradually being addressed through regulations under Resolution 68 on private economic development, such as a 2% interest rate reduction for green loans and allowing a 200% tax deduction for research and development (R&D) expenses.

Regarding these support policies, on January 5, the Prime Minister instructed the Ministry of Agriculture and Environment to submit guidance on identifying ESG, green, and circular projects no later than mid-January.

According to Ms. Thủy, in the current context, enterprises must make prudent choices to turn ESG into a competitive advantage rather than a burden in terms of finance or human resources.

Mr. Bùi Anh Tuấn, Director General of the Agency for Private Enterprise and Collective Economy Development, also recommended that enterprises adopt ESG in a manner aligned with their scale and capacity, viewing its implementation as an investment in the future.

Source: Thuy Truong

(https://vnexpress.net/de-xuat-co-tieu-chuan-esg-rieng-cho-doanh-nghiep-viet-5002559.html        )