Lotte Card’s Vietnam Subsidiary Approved as First Local 'General Finance Company'

Lotte Card announced on September 7, 2026, that its Vietnamese subsidiary, Lotte Finance Vietnam, has received approval from the State Bank of Vietnam to convert from a "consumer finance company" to a "general finance company."

Lotte Finance Vietnam is the first local consumer finance company to transition to a general finance company. With this approval, Lotte Finance Vietnam will expand its business scope beyond retail customers to include corporate and business clients.

In particular, the company will now be able to increase the scale of credit and secured loans, as well as commercial vehicle loans for high-quality corporate clients. As the Vietnamese government's eco-friendly policies accelerate the adoption of electric vehicles, the company expects its business scale to expand further through financing support for commercial electric vehicles.

The range of its core work will also be expanded. In addition to existing personal loans and credit card operations, Lotte Finance Vietnam can now enter the leasing business. The company aims to take a proactive approach in the early-stage auto leasing market and plans to provide financial services to growth sectors such as medical equipment and construction machinery in the future.

Lotte Finance Vietnam also plans to change its corporate name to "Lotte General Finance Vietnam" and will implement this step-by-step at its business locations. Starting next year, the company will strengthen its corporate review team, enhance risk assessment processes, and expand corporate loans, focusing on existing partners.

Jung Sangho, CEO of Lotte Card, stated, "With this leap to becoming a general finance company, Lotte Finance Vietnam has secured a foundation for long-term growth by expanding its business portfolio and diversifying its revenue base. We expect that the growth of our Vietnamese subsidiary will also greatly contribute to increasing the corporate value of Lotte Card."

This content was produced with the assistance of AI translation services.