Korean retail giant plans Vietnam programme
South Korea’s largest department store chain Lotte Shopping is applying for a credit card business license in Vietnam.
It says the license will boost its business in Vietnam, where retail sales have grown 23% this year.
The retailer aims to expand its Vietnamese customer base by issuing loyalty cards for discount store Lotte Mart, which requires the company to acquire a credit card business license.
Lotte Shopping’s loyalty card business in South Korea is handled by its 90%-owned Lotte Card Co. Ltd.
The company opened its first Lotte Mart store in Vietnam last December and plans to set up one more in the second half of 2009.