Wednesday, November 14,2018 - 8:7 GMT+7  Việt Nam EngLish 

Lotte keen to expand investments in Vietnam 

 Sunday, September 9,2018

AsemconnectVietnam - Lotte Group, a Korean conglomerate that is active in Vietnam, will expand its investments in the country. Meanwhile, its subsidiary Lotte Card is keen to boost consumer finance, fintech and findata services, the Government news website cited Lotte Card Chairman and CEO Kim Chang Kwon as saying.

At a meeting with Deputy Prime Minister Vuong Dinh Hue on September 6, Kim said Lotte Card currently has some 1.5 million clients in the supermarket and shopping center space. The purchase of Techcombank Finance will ease Lotte Card’s continued growth.

Deputy PM Hue confirmed that Vietnam wants to improve consumer financing through fintech and mobile payment technologies and will support Lotte Card in the promotion of noncash payments in the country.
The Vietnamese Government has assigned the State Bank of Vietnam to review the restructuring of the banking system. If Lotte Card faces any difficulties during the acquisition of Techcombank Finance, it could request the PM for assistance in developing favorable conditions for its effective operations, thus contributing to Vietnam’s economic development.
In addition, the deputy PM expected Lotte to develop a distribution network in Vietnam, including bringing more Vietnamese products to Lotte’s shopping centers, especially those under the “One Commune, One Product” program.


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