Lotte Card kicks off consumer financing business in Vietnam

By Korea Herald
  • Published : Jan 1, 2019 - 14:49
  • Updated : Jan 1, 2019 - 14:49

Lotte Card said Tuesday that it has become the first South Korean credit card operator to offer consumer financing services in Vietnam as part of its mid- and long-term plans to expand its business operations in the Southeast Asian region.

South Korea’s fifth-largest credit card company in terms of net assets held a ceremony in Hanoi on Dec. 18 to celebrate the launch of Lotte Finance Vietnam, according to company representatives.

Lotte Card CEO Kim Chang-kwon (center) attends the launch ceremony for Lotte Finance Vietnam in December with local business leaders. (Lotte Card)

Since establishing its local office in 2009, Lotte Card has sought a more active role in Vietnam’s growing financial market. In March last year, the company succeeded in acquiring 100 percent of shares in the Vietnamese consumer financing and credit card firm Techcom Finance.

During the first half of this year, Lotte Finance Vietnam will focus on rolling out customized loan products for Lotte affiliate employees and other Korean workers. Once the local sales network takes shape, the company will expand its business to other regions through partnership agreements with local companies.

“Vietnam is currently in the process of converting the conventional cash payment (system) into a new non-cash payment system,” said Lotte Card CEO Kim Chang-kwon at the launch ceremony.

“Our vision is to become the most popular finance company here by providing users with convenient payment processes that may be used anywhere in the country.”