[Sponsored Report] Lotte Card to enter the Vietnamese market

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[Sponsored Report] Lotte Card to enter the Vietnamese market

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Nguyen Le Quoc Anh, CEO of Techcombank, left, and Kim Chang-kwon, CEO of Lotte Card signed a company transfer contract in Hanoi, Sept. 28. [LOTTE CARD]

Lotte Card has signed a corporate transfer contract to enter Vietnam’s consumer credit market, buying the entire holdings of Techcom Finance, an affiliate company of Vietnam’s Techcombank.

The contract was signed on Sept. 28 at the Almaz Convention Center in Hanoi, Vietnam with members from both companies present, including Kim Chang-kwon, CEO of Lotte Card and Nguyen Le Quoc Anh, CEO of Techcombank.

Vietnam Techcom Finance is a consumer credit company in which Techcombank possesses 100 percent of its holdings. It holds credit license including credit card, installment finance, and consumer lending.

Lotte Card is going to be the first Korean credit card company to acquire a Vietnamese credit card license if they submit foreign investment reports to the Financial Services Commission in Korea and complete Vietnam Central Bank’s financial company evaluation for share acquisitions.

Once the final procedures are finished, Lotte Card is planning to launch credit card issuance, installment finance and consumer lending services in Vietnam within a year.

Kim Chang-kwon, the CEO of Lotte Card, said that “Our company will put a lot of effort into successfully completing the procedures that are left in the acquisition of Techcom Finance, since it is the first major accomplishment that the company has achieved after permanently shifting its attention to new finance markets with high potential. Moreover, Lotte Card is going to safely fit into the domestic market based on its networks with Lotte affiliates already in Vietnam, including Lotte Department, Lotte Mart, Lotteria, Lotte Hotel, Lotte Cinema, and Lotte Members.”

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