On November 19, 2019, the State Bank of Vietnam (SBV) issued License No. 102/GP-NHNN to replace the former License on the establishment and operations of Lotte Finance Vietnam Co., Ltd. (LotteFinance).
Accordingly, the new License issued by the SBV shall replace License No. 90/GP-NHNN dated September 19, 2018 granted to LotteFinance, with the new details as follows:
Full-name in Vietnamese: Công ty tài chính trách nhiệm hữu hạn một thành viên Lotte Việt Nam;
Abbreviated name in Vietnamese: Công ty tài chính Lotte
Full-name in English: Lotte Finance Vietnam Co., Ltd.;
Abbreviated name in English: LotteFinance
Head office address: 4th and 12A Floor, West Tower, Lotte Center Hanoi, 54 Lieu Giai, Cong Vi ward, Ba Dinh district, Hanoi.
The charter capital of LotteFinance is VND 600 billion fully owned by Lotte Card Co. ,Ltd. (the Republic of Korea) with an operation duration of 50 years, starting from December 29, 2008.
LotteFinance is permitted to perform the operations of a finance company in accordance with Vietnamese laws and the regulations of the SBV, including the following:
Mobilizing capital in such forms as: Receiving deposits of institutions; issuing certificates of deposits, promissory notes, bills and bonds to mobilize capital from institutions; Borrowing from domestic and foreign credit and finance institutions in accordance with the laws; Borrowing from the SBV in the form of refinancing under the Law on the State Bank of Vietnam;
Extending credit in such forms as lending including installments and consumer loans; Discounting and rediscounting of negotiable instruments and other valuable papers; Issuing credit cards.
Other operations: Opening deposit accounts at the SBV; Opening payment accounts at commercial banks and foreign banks’ branches in Vietnam; Opening accounts at foreign banks in line with the laws on foreign exchange; Opening deposit accounts, loan management accounts for customers; Contributing capital, purchasing shares in line with the SBV regulations; Trading, providing forex services in the domestic and international markets within the scope as stipulated by the SBV; acting as an agent in relation to insurance; Providing consultancy services in the fields of finance and banking, investment; Providing services of asset preservation and safe keeping; Participating in the biddings for the State Treasury bills, and the trading of negotiable instruments, the Government bonds, the SBV bills and other valuable papers in line with the laws; Receiving trusted capital of the Government, organizations and individuals for granting credit as permitted by the SBV; Acting as an agent issuing bonds, stocks and other valuable papers; Depositing and receiving deposits of credit institutions, foreign bank branches, domestic and foreign financial institutions in accordance with the applicable laws.
In the process of operations, LotteFinance must comply with the applicable laws of Vietnam.
This License takes effect from the date of signing and shall replace License No. 90/GP-NHNN dated September 19, 2018, and shall be accompanied with the relevant approving documents on the revision of the License.
Le Hang