The grand opening ceremony of LOTTE Finance Vietnam Co Ltd on Tuesday in Ha Noi. — Photo courtesy of the company
LOTTE Card on Tuesday officially launched its subsidiary LOTTE Finance Vietnam Co Ltd after six months of business operation in Viet Nam.
LOTTE Finance was established after LOTTE Card acquired Techcom Finance in March last year. It formally started operation last December with the launch of its consumer loan product. In April, the company introduced its second mainstream product – credit card products.
It now has three offices located in Ha Noi and HCM City with more than 500 employees working in ten service introduction points (SIP) in nine cities and provinces across the country. In the latter half of this year, the company expects to expand its network to more than 30 SIPs in many new provinces with the number of employees to exceed 1,000 people.
“With the experience accumulated over a long time in the field of consumer finance and being backed by the service network of LOTTE Group affiliates operating in Viet Nam, we’re optimistic about the growth prospects of LOTTE Finance,” said Kim Chang Kwon, LOTTE Card’s CEO.
“We hope to contribute our experience to Viet Nam’s development regarding payment via cards and mobile phones, fintech and doing business on digital platforms.”
He said LOTTE Finance will also strive to contribute to Viet Nam’s society, create jobs and improve the standard of living through continuous innovation.
LOTTE Card reportedly began market research in Viet Nam in 2009. In 2017, the company signed an agreement to acquire a 100 per cent stake of a finance company which belonged to one of the biggest banks in Viet Nam.
LOTTE Finance’s business licence was approved by the State Bank of Viet Nam in September 2018, making LOTTE Card the first Korean credit card company with an operation licence in Viet Nam. — VNS