Korea’s Lotte Card sees 1st profit in Vietnam since launch

Quick Summary:

The investment started paying off last month as Lotte Card applied its own system and corporate culture to the Vietnamese unit over the six years.“We set up all product processes on our own, making it easy to expand to various products,” said Lotte Finance Vietnam Chief Executive Officer Kong Sung Sik.

Lotte Card Co., South Korea’s No.5 credit card issuer, enjoyed its first profit in Vietnam by offering various financial products since its entry into the Southeast Asian country in 2018, targeting a turnaround this year.

Lotte Card, of which major Asian buyout firm MBK Partners Ltd.is the top shareholder, said on Tuesday that Lotte Finance Vietnam Co.reported a profit of 500 million won ($361,637) last month.

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Article Details

Category: Economy

Markets: South KoreaVietnam

Topics: Finance Vietnamese Lotte Vietnam Credit Profit Various Billion Loans Card Year

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 20:32:31 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 521 words

Reading Time: 3 minutes read

Sentences: 23 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 21652033

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