Used as-is in Chinese — pronounced letter by letter ('vee-ai-pee'). Common collocations:
开 VIP (subscribe to / activate VIP), VIP
会员 (VIP member),
超级 VIP / SVIP (super-VIP, a higher tier above regular VIP). Streaming services like
爱奇艺,
优酷,
腾讯视频 all gate exclusive content behind VIP.