Nam Long Housing (IFC-32370)

Countries
  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
Ho Chi Minh City and Binh Duong province
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • 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
Active
Bank Risk Rating
B
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
Dec 27, 2013
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
NAM LONG INVESTMENT CORPORATION
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 7.58 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)
$ 97.60 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2019

Disclosed by Bank Feb 14, 2014

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Project Description

Nam Long is headquartered in Ho Chi Minh City, southern Vietnam. The Company is seeking to raise up to VND 459 billion (approximately US$21.6 million) to finance the expansion of its affordable housing business. The proposed Project comprises of 5 affordable housing developments located in Ho Chi Minh City and Binh Duong, a second tier province next to Ho Chi Minh city as: North Saigon EHome 4, Bridge View EHome 5, Golfview EHome 6, and Greenhill EHome 7 (the “Project”).

Investment Description
  • International Finance Corporation (IFC)

The Sponsor, Nam Long Joint Stock Company (the "Sponsor", the "Company", or "Nam Long"), is a developer of residential real estate projects including affordable housing units mainly located in suburban locations within the Greater Ho Chi Minh City Area in southern Vietnam. For a number of projects the Company is also the property management company. The Company undertakes ongoing land acquisition activities to support its land needs for future development projects. IFC has been approached to provide equity financing for this Project, a repeat investment to support the future development of housing projects in southern Vietnam.

The project sponsors are: Mr. Nguyen Xuan Quang (the Chairman/ CEO), Mr. Tran Thanh Phong (the Vice-chairman), and Ms. Nguyen Thi Bich Ngoc (the Chairman’s wife) who collectively own 33.6% of the Company’s common shares. The project sub-sponsors are: Ms. Ngo Thi Ngoc Lieu and Nam Khang Investment Corporation who collectively own 14.6% of the Company’s common shares.

Other major shareholders of the Company include:
(i) ASPL V6 Limited (16.3% shareholding): a US$50 million fund managed by Ireka, a Malaysia based real estate developer;
(ii) Nam Viet Ltd. (9.1% shareholding): a 100% owned subsidiary of Goldman Sachs Asset Management; and
(iii) Vietnam Azalea Fund Limited (6.7% shareholding): managed by Mekong Capital, a PE fund focusing on the Vietnam market.

Contact Information

The Project contact
Mr. Tran NGUYEN
Nam Long Investment Corporation
Capital Tower, 11th Floor, 06 Nguyen Khac Vien, Tan Phu Wd., District 7, Ho Chi Minh City, Vietnam
Tel: +848 54 161718
Fax: +848 54 171819

The IFC contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/