Lotte Rental to service Vietnam's individual long-term rental

Lotte Rental Co., South Korea's largest car rental firm, announced on Monday that it will enter Vietnam's individual long-term car rental market in the second half of this year.

Since establishing its Vietnamese subsidiary in 2007, the company has provided commuter buses and business-purpose short-term and long-term rental car services to Korean and global companies in Vietnam.

With branches in Ho Chi Minh City, Hanoi, and Da Nang, Lotte Rental currently operates a fleet of approximately 1,300 vehicles.

The company expects its vehicle operation scale to expand to 10,000 units by 2028 as it enters the B2C long-term car rental market.

Lotte Rental Vietnam has also signed contracts with major local automobile dealerships to expand its B2C long-term rental car business.

The company plans to promote and market B2C products in cooperation with Kim Lien Group, which operates 17 Mitsubishi showrooms, with Hyundai Thanh Cong, Toyota, Thaco Kia, and Mazda. 

Write to Jin-Won Kim at jin1@hankyung.com