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[Sponsored Report] Lotte Card launches credit cards in Vietnam

May 31,2019
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Lotte Finance Vietnam is launching Korea’s first credit cards in Vietnam. [LOTTE CARD]
Lotte Finance Vietnam, Lotte Card’s Vietnam subsidiary, is launching Korea’s first credit card business in Vietnam.

The new products, the Lotte Finance Visa card and Lotte Finance Visa Platinum card, can be used without an annual fee if the card is used within 90 days of issuance. Points are accumulated as the card is used, giving users access to various benefits.

As a basic service, the new cards offer 0.5 percent bonus points at all affiliated stores in Vietnam and 1 percent overseas. These bonus points can be redeemed for card payments and Vietnam Airlines flight mileage.

In addition, the new cards include Lotte’s L.Point system that provides up to a 30 percent discount and point accumulation benefits at 300 Lotte affiliated stores in Vietnam such as Lotteria, Angel-in-us and Lotte Cinema. If the point compatible service that Lotte Members is currently working on is also introduced, cardholders will be able to earn and use L.Points in Lotte affiliates in Korea as well.

The new Finance Visa Card will attract Vietnamese tourists with special services for travel to Korea, contributing to the development of the domestic tourist industry. Platinum Card users will be given a 3 percent bonus point benefit in Lotte affiliates in Korea, streamlined services in tourist visa applications and travel insurance with a 500 million won ($420,000) guarantee, free of charge.

Lotte Card plans to continuously offer products that meet Vietnamese user’s lifestyles by launching two additional cards affiliated with Lotte subsidiary companies.

Lotte Card has focused on Vietnam’s growth potential and has been promoting its brand there to extend its business through its representative office since 2009. In March of last year, the State Bank of Vietnam granted final approval for Lotte Card to acquire a 100 percent stake in a local consumer credit company, TelecomFinance.

In December last year, Lotte Card launched Lotte Finance Vietnam and started a consumer banking business in Vietnam.

By Shim Ji-yong [shim.jiyong@joongang.co.kr]