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April 24, 2019

Lotte Card launches credit card business in Vietnam

South Korea-based Lotte Card has commenced its credit card services in Vietnam by launching two credit cards.

The credit cards, dubbed Lotte Finance Visa and Lotte Finance Visa Platinum, have no annual fees.

Lotte Card introduced these cards through its subsidiary Lotte Finance Vietnam, which was launched in December last year.

Lotte intends to target Vietnamese tourists to Korea through these newly launched credit cards.

Cardholders will receive up to 3% of purchases as points at Lotte affiliates in South Korea, according to The Korea Times.

In Vietnam, cardholders will receive discounts of up to 30% at around 300 Lotte affiliate stores such as Lotteria, Angel-in-us and Lotte Cinema.

The platinum card also offers travel insurance up to KRW500m ($435,200), free of cost.  Additionally, this card will also offer its users services for obtaining travel visa to South Korea.

Cardholders will also receive reward points up to 0.5% for purchases in Vietnam and nearly 1% for purchases outside Vietnam. The points can be converted to mileage for Vietnamese Airlines.

Lotte Finance general director Kim Jong-geuk was quoted by The Korea Times as saying: “The goal of Lotte Finance Vietnam is to become the most trusted and popular finance company for the Vietnamese people.”

“We will contribute to developing the non-cash payment system and the financial market in Vietnam.”

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