Lotte Card is expanding its business in Vietnam

Lotte Card is focusing on Vietnam by increasing the number of local employees to 1,000 by the end of this year.

Lotte Card, the fifth-largest credit card company in Korea announced on June 25 that its Vietnamese subsidiary, Lotte Finance, has held a grand opening ceremony at Lotte Hotel Hanoi in Hanoi, Vietnam.

Related: Lotte Card has started its credit card services in Vietnam

Lotte Finance acquired Vietnamese consumer loan service provider Techcom Finance in 2017. The company has started loan and installment financing services in the local market since the end of last year. Korea’s Premium Business News Portal reports.

Lotte Card CEO Kim Chang-kwon, fourth from left, poses for a photo with officials from Vietnam’s central bank at the Lotte Finance opening ceremony held in Lotte Hotel Hanoi, Vietnam, on June 25. @ Business Korea

Lotte Card has also entered the credit card market by launching two types of credit cards – “Lotte Finance Visa Card” and “Lotte Finance Visa Platinum Card” – in April this year.

Currently, it established the headquarters and 14 branches in major cities of the country, including Hanoi, Ho Chi Minh and Danang, and has 500 employees. Lotte Card plans to increase the number of branches and employees to 33 and 1,000, respectively, by the end of this year.

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