Lotte Rental on Monday said that the company will expand into long-term personal car rental market in Việt Nam in the second half of this year. — Photo baodautu.vn

Lotte Rental on Monday said that the company will expand into long-term personal car rental market in Việt Nam in the second half of this year.

Accordingly, Lotte Rental will increase its operation to 10,000 cars by 2028, starting with the long-term car rental market following the business-to-consumer (B2C) model.

Since the establishment in Việt Nam in 2007, Lotte Rental has provided employee shuttle bus services, short-term and long-term car rental services for South Korean and foreign companies in Việt Nam.

The company has branches in HCM City, Hà Nội and Đà Nẵng and is operating around 1,300 cards.

Lotte Rental Việt Nam has signed contracts with major domestic car dealers to expand its B2C long-term car rental business.

According to market research company Mordointelligence, Việt Nam’s car rental market is expected to reach US$884 million by 2027 with an annual compound growth rate of nearly 14 per cent. — VNS