Vietnam: VP Bank COVID-19 Response Facility (AIIB-000407)

Countries
  • Vietnam
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 1, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Vietnam Prosperity Joint Stock Commercial Bank (VP Bank)
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Other Related Projects
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jul 23, 2020

Disclosed by Bank Jul 3, 2020


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Project Description

According to AIIB website, "the Project, supported by a non-sovereign-backed loan to Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) under the COVID-19 Response Facility, would expand VP Bank's working capital and trade-related lending program to private sector enterprises in Vietnam, including small and medium enterprises impacted by COVID-19 pandemic. 

The Project will be co-financed with the International Finance Corporation (IFC), and the Project’s environmental and social (ES) risks and impacts have been assessed in accordance with IFC’s Policy on Environmental and Social Sustainability Policy (PESS), and its Exclusion List (EL)."

 

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
  • International Finance Corporation (IFC)

IFC: up to US$100 million IFC A Loan and up to US$50 million IFC B1 Loans
AIIB: up to USD100 million

Private Actors
Contact Information

Phuong Vo Hang

Head of FI / Transaction Banking, Vietnam Prosperity Joint Stock Commercial Bank (VP Bank)

phuongvh@vpbank.com.vn

Pramod Vijayasankar

Principal Investment Officer, AIIB

pramod.vijayasankar@aiib.org

 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html.

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM).  The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint.  Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply.  You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.