Lotte Finance marks official debut in Vietnam

The official launching of Lotte Finance in Vietnam

The move formalises the company’s commitment to bringing more wealth and value to all interested parties.

Participants at the launch included representatives from the Government Office, the State Bank of Vietnam, the Korean Embassy in Vietnam, the Vietnam Banks Association, the Korean Association in Hanoi, the senior leaders of affiliated companies of Lotte Corporation in Vietnam and Korea, and close to 250 guests from other business partners, as well as media agencies across the country.

After nearly six months of operation, Lotte Finance has launched two mainstream product lines: consumer loans on December 2018 and credit cards featuring Lotte Finance Visa Platinum and Lotte Finance Visa on April 2019.

The company now has three offices in Hanoi and Ho Chi Minh City, and more than 500 employees working in ten service introduction points (SIP) in nine cities and provinces across the country.

From now to the end of this year, the company expects to continue expanding its network to more than 30 service points in new provinces. The number of employees is planned to exceed 1,000 people to serve its expanding customer base.

Kim Chang Kwon, Lotte Card CEO

“With the experience accumulated for a long time in the field of consumer finance and the backing of the service network of Lotte Group affiliates operating in Vietnam, we are optimistic about the growth prospects of Lotte Finance.

“Moving forwards, Lotte Finance will grow with Vietnam and strive to contribute to society, create jobs, and improve the standards of living of the Vietnamese people. We promise to make your life richer and valuable through continuous innovation and challenge. We wish to become a trusted and beloved financial partner of all Vietnamese people and interested parties,” said Kim Chang Kwon, CEO of Lotte Card, the parent company of Lotte Finance. “We also hope to contribute our experience to Vietnam’s development regarding payment via cards and mobile phones, fintech, and doing business on digital platforms.”

As the Fourth Industrial Revolution (Industry 4.0) is replacing the traditional operation practices of the economy, Lotte Finance aims to become a leading consumer finance services provider applying advanced technology to develop useful and convenient financial products as well as enhancing customers’ experience and satisfaction.

According to Kim Jong Geuk – general director of Lotte Finance – the company has been making significant investments in developing an effective ­underwriting process and customer information ­appraisal system based on advanced credit management technologies like fintech and big data.

“We can make rational lending decisions which are appropriate and safe to both our company and customers. We ensure our scoring and ­appraisal systems are ­continually developed and ­updated so as to respond quickly to changes and promptly detect new risks arising along with the new market trends,” said the leader of Lotte Finance.

The quality of consumer services is always one of Lotte Finance’s key priorities. With the focus on bringing multi-channel, multi-connected customer experience, Lotte Finance’s customers can have access to the company’s helpful and friendly consulting services 24 hours a day, seven days a week through the useful communication channels, such as the Lotte Finance application, hotlines, web chats, and Facebook fan pages.

Lotte Card began researching the Vietnamese market in 2009. In 2017, the company signed an agreement to acquire 100 per cent of the shares of a finance company belonging to one of the biggest banks in Vietnam, marking the beginning of Lotte's expansion and investment in the local financial sector.

Lotte Finance’s business license was approved by the State Bank of Vietnam in September 2018, making it the first Korean credit card company to set up operations in Vietnam.

Lotte Card belongs to Lotte Corporation, one of the Korean leading investors in Vietnam, with investments in diverse areas as hospitality, retail, services, construction, and agricultural product import.

Lotte Corporation currently has 20 subsidiaries in Vietnam, injecting about VND40 trillion ($1.74 billion) in different projects and creating jobs for around 20,000 workers.