Lotte Card has set ambitious targets for its consumer financing business in Vietnam after becoming the first South Korean credit card operator to offer the services in the Southeast Asian country, Korea Herald reported.
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Lotte Card, South Korea’s fifth-largest credit card company in terms of net assets, established its Vietnam office in 2009. Since then, the company has sought a more active role in Vietnam’s growing financial market. In March 2018, the company bought out Vietnamese consumer financing and credit card firm TechcomFinance, a subsidiary of Vietnam Technological and Commercial Joint Stock Bank (Techcombank).
Before the acquisition, TechcomFinance held credit card, installment finance, and consumer lending licenses in the country.
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, according to the company’s representatives.
“Vietnam is currently in the process of converting the conventional cash payment (system) into a new non-cash payment system,” said CEO Kim Chang-kwon.
