Deputy PM voices support for Lotte expansion
Deputy PM voices support for Lotte expansion
The Vietnamese Government is supportive of Lotte group’s expansion into business fields of strength, including consumer finance, Deputy Prime Minister Vuong Dinh Hue assured Chairman and CEO of the Republic of Korea (RoK)’s Lotte Card Kim Chang-kwon during a reception in Ha Noi on Thursday.
Hue said the Vietnamese Government is keen to improve consumer finance via fintech and mobile payment technologies, contributing to the promotion of cashless payments.
He also called attention to retail, including bringing more Vietnamese products to Lotte’s shopping malls, especially those under the “One Commune, One Product” programme.
The host said that Viet Nam wants to build a supportive ecosystem for fintech and mobile payment systems, such as with the legal policy framework which is currently being considered by the State Bank of Viet Nam (SBV), the Ministry of Finance, and the Ministry of Justice.
The Government welcomes Korean firms to share experiences in fields helpful to not only Vietnamese firms, but also other foreign companies operating in the country, including those from the RoK, he said.
He informed his guest that the Vietnamese Government is directing the SBV to review the restructuring of financial and credit systems.
Hue said that if any difficulties arise during Lotte Card’s purchase of Techcombank’s financial company, it could alert the PM in order to be assisted with favourable conditions for its operations.
Kim, for his part, said since beginning operations in Viet Nam in 1996, Lotte Corporation now has 18 companies in Viet Nam with nearly 16,000 employees, 308 points of sale and shops. In 2017, Lotte earned US$1 billion in revenue.
In Viet Nam, Lotte Card now has about 1.5 million clients in supermarkets and shopping centres. The purchase of Techcombank’s financial company will make it easier for Lotte Card to grow, he said.
With years-long experience in finance and credit, Lotte Card wants to contribute its experience to Viet Nam’s development regarding payment via cards and mobile phones, fintech, findata, and doing business on digital platforms, he said.
