Lotte Vietnam Finance Company Limited (Lotte Finance) has become the first Korean financial institution to become an official member of the Viet Nam Banking Association (VBA).

The admittance, which comes just five months after it started operations in Viet Nam, shows the Korean firm’s commitment to long-term development in Viet Nam’s finance industry.

“Becoming a member of the VBA places the foundation for co-operative relations for mutual development between Lotte Finance and other financial companies, banks and businesses,” said Kim Jong Geuk, general director of Lotte Finance.

Kim highly appreciated the VBA’s professional ethics and code of conduct and expressed support and willingness to comply with the code besides the company’s international code of conduct.

He said Lotte Finance would actively participate in VBA activities, share and exchange experiences and technical expertise among members, contributing to the development of the VBA.

VBA’s secretary general Nguyen Toan Thang praised the growing economic co-operation between Viet Nam and Korea, particularly in the finance industry. He said by being a member of the VBA, Lotte Finance would be protected by the association’s legitimate rights and interests in accordance with the law.

Lotte Finance entered Viet Nam’s market in September 2018 with 100 per cent capital from Lotte Card – a credit company with the largest service network in the Republic of Korea and the first Korean credit card company licensed to operate in Viet Nam.

It launched its first consumer loan service in December and plans to issue credit card products in the first quarter of this year. — VNS