Lotte Finance Vietnam Co Ltd  (Lotte Finance) launched loan services in Viet Nam on Tuesday, it’s first new product after Lotte Card acquired Techcom Finance in March this year.

Unsecured loans are one of the two main businesses of the company in Viet Nam, with loans of a maximum VND100 million (US$4,300) with a term of up to five years on offer.

With the target customers with monthly income from VND3 million (US$128) and up, Lotte Finance hopes to offer better access to financial services for more Vietnamese people.

“I felt excited as Lotte Finance officially started the business. The Lotte Card’s acquisition of a finance company attracted attention not only in Viet Nam but also in Korea. Lotte Card will make more efforts to develop more convenient non-cash payment methods which can be used anywhere and anytime,” said Kim Chang Won, CEO of Lotte Card at the launching ceremony on Tuesday.

At the first launch, Lotte Finance will run its loan services at two cities including Ha Noi and HCM City before expanding to other regions.

The company’s interest rate is expected to be lower than the average market rate.

From now to the first half of 2019, Lotte Finance is expected to promote different forms of consumer loans such as durable loans and credit cards in various provinces and cities nationwide.

Lotte Finance was established after Lotte Card acquired Techcom Finance in March this year and got an operation licence in September. – VNS