Lotte Card Vietnam Branch Approved as "Comprehensive Financial Company"

*This content was translated by AI.

Lotte Card's Vietnamese subsidiary, Lotte Finance Vietnam, is set to leap into a comprehensive financial company in the local market.

Lotte Card announced on August 28 that Lotte Finance Vietnam received approval from the State Bank of Vietnam to transition from a "consumer finance company" to a "comprehensive finance company."

Lotte Finance Vietnam is the first case of a domestic financial company that has entered the local market, as well as a local consumer finance company, converting into a comprehensive financial company.

Through this approval, Lotte Finance Vietnam's business scope will be significantly expanded. Lotte Finance Vietnam has broadened its operations from focusing solely on individual consumers to including corporate and business customers, enabling it to anticipate a higher level of growth.

A Lotte Card official, speaking to Money Today by phone, said, "Through the leap of a comprehensive financial company achieved in Vietnam, Vietnam has established a foundation for long-term growth by expanding its business portfolio and diversifying its revenue base."

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*This content was translated by AI.