On October 30, 2024, Woori Bank Vietnam Limited (Woori Bank) and LOTTE Rental Vietnam Co., Ltd. (LOTTE Rental) signed a cooperation agreement in the car rental business in Vietnam.
Representatives of Woori Bank and LOTTE Rental at the signing ceremony of the partnership agreement.
Through this agreement, Woori Bank provides financial solutions for customers who need to rent a self-drive car. Customers who own a Woori VV Credit Card (Woori VV Card) at Woori Bank can easily choose to rent a variety of quality cars at LOTTE Rental to suit their needs with optimal and flexible initial costs.
Woori VV Card was first launched in May 2024 with an outstanding point accumulation feature of up to 10% in many fields such as Insurance, Education, Supermarket, E-commerce, Food Service, etc. VV Card is currently playing the main role of Card business development strategy at Woori Bank. Customers not only enjoy the benefits of accumulating cashback points, but now when owning a Woori VV Card, cardholders are also in the priority customer segment when signing a car rental contract at LOTTE Rental.
As a Credit Card issuer, Woori Bank supports LOTTE Rental in limiting risks regarding Customer’s financial capacity through the Card appraisal process. The car rental market in Vietnam is in the development stage, but the growth rate of the market is still relatively slow, partly due to the complicated registration requirements of rental service companies. At that time, the cooperation between LOTTE Rental and Woori Bank helped customers to consolidate their financial value, thereby making it more convenient to evaluate car rental applications.
The self-drive car rental market in Vietnam is forecast to grow again in the period of 2024-2032, mainly driven by the recovery of the tourism industry and accelerated urbanization. The cooperation of a TOP company such as LOTTE Rental with the prestigious financial institution Woori Bank promises to bring many values to customers and contribute to the growth of the car rental service industry in Vietnam.
Woori Bank Vietnam is a core global network of Woori Bank, headquartered in Seoul, Korea, and first set foot in Vietnam in 1997. Since launching as a local corporation with setting up Head Office in Hanoi in 2017, Woori Bank Vietnam has grown to become the largest bank in capital among foreign banks in Vietnam after increasing capital to 12.5 trillion VND in 2024.
LOTTE Rental Vietnam Co., Ltd. (LOTTE Rental) is a leading brand in the field of car and equipment rental, owning a network of 96 branches in Korea, Vietnam, Thailand and the UAE. In Vietnam, LOTTE Rental has three branches in Hanoi, Da Nang and Ho Chi Minh City, providing car rental services mainly to businesses (B2B). Aiming to bring Vietnamese people to a new way of experiencing car use in the future, LOTTE Rental has launched a new long-term car rental service for individual customers (B2C), with optimal starting costs and comprehensive package services according to Korean standards.
