Visa and VINASME join forces to empower Vietnamese SMEs through digital transformation and financial solutions

09/12/2024

 

Visa, a world leader in digital payments, signed a Memorandum of Understanding (MoU) with the Vietnam Association of Small and Medium Enterprises (VINASME) to accelerate digital transformation for small and medium enterprises (SMEs) in Vietnam. VINASME and Visa's collaboration is driven by a common goal of digitalizing payments for SMEs, to enhance their efficiency and foster long-term success. This partnership also focuses on empowering SMEs via capacity building, connecting them with crucial resources – including tech providers, banks, and Visa experts – within Visa's expansive global network. Aligned with Vietnam's 2030 vision of a digital nation, this initiative provides SMEs with the opportunity to harness the power of a dynamic digital ecosystem, promoting increased efficiency and growth.

As part of this collaboration, VINASME and Visa co-organized the "Payment and Financial Solutions for SMEs" Conference, featuring Sacombank and UrBox. Nearly 100 SMEs from diverse sectors, such as import-export, healthcare, plastics, logistics, and software, congregated to discuss the unique opportunities, challenges, and essential tools tailored for SMEs' operational needs. These discussions promote the integration of SMEs into the digital economy. Together with Sacombank and UrBox, Visa provides a comprehensive suite of solutions, including managing business expenses and optimizing costs with Visa Commercial Offers, custom payment acceptance solutions, and credit access support, to aid SMEs in their digital transformation.

Mr. To Hoai Nam, Vice Chairman and General Secretary of the Vietnam Association of Small and Medium Enterprises, shared: "VINASME is the largest national employment and social organization for SMEs in Vietnam. In addition to activities aimed at enhancing management capacity for enterprises, we have implemented numerous support programs to strengthen SMEs' ability to access credit, improve business credit ratings, and sustainable development reporting."

Ms. Dung Dang, Visa Country Manager of Vietnam and Laos, said: "Visa continues to prioritize SMEs, striving to help them navigate challenges and access digital payment solutions to drive digital and financial inclusion in Vietnam. The partnership with VINASME is part of our commitment, by providing SMEs with essential financial and payment tools for their growth, including practical packages from Sacombank and UrBox. This support equips SMEs to meet operational needs, unlock their potential, and make meaningful contributions to the digital economy. Visa is aligned with the Vietnam government's digitalization ambition and committed to fostering the growth of SMEs in the digital age .”

Mr. Huynh Thien Phu, Director of Business Banking Development Center (Corporate Banking Division), Sacombank, said: “Developing B2B payments between businesses, particularly for SMEs, is always one of Sacombank's top priorities. Through our diverse corporate card products and modern payment solutions, we aim to help SMEs manage their cash flow, separate personal and business expenses, and improve operational efficiency. In addition, with appropriate credit policies, we commit to accompany our business customers in enhancing their production and business capabilities."

Mr. Bui Hoai Nam, CEO of UrBox, shared: "With the strategy of bringing comprehensive digital solutions to businesses, including SMEs, UrBox constantly develops products based on our diverse gift network to build customer loyalty programs, employee benefits, and deploy marketing campaigns. This contributes to optimizing operational activities and promoting business growth for SMEs. Besides, the payment and cash flow management software on a single platform developed by UrBox is an optimal tool for SMEs to classify expenses and track statistics, easily control budgets based on the overall financial picture. Additionally, when using Visa Business Cards for our digital solutions, SMEs will receive many special offers, helping to save costs and optimize business models."

Visa, with its unwavering commitment to helping SMEs in their digital transformation, has reaffirmed this focus through its MoU with VINASME within Vietnam's SME sector. In early 2024, Visa introduced the "Accelerate My Business” initiative, delivering foundational digital, business, and financial education to Vietnam's micro, small, and growing businesses in underprivileged areas. In 2023, Visa digitally empowered 10 million SMEs in the Asia Pacific. The Visa Foundation has significantly invested in Asia Pacific, putting over $47M towards supporting two million women-led SMEs and sustaining 500,000 jobs. It recently pledged $100M to APEC economies  over the next five years.

 

 

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.