Thien Minh II (IFC-33350)

  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
Mai Chau city, Cat Ba city, Can Tho city, Hoi An town, Ha Long Bay, and Nha Trang City
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
Bank Risk Rating
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 2, 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.
The holder of the loan, grant, or other investment.
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 14.00 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)
$ 43.40 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 17, 2019

Disclosed by Bank Nov 1, 2013

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

Thien Minh Group (TMG) is conducting a long term strategic expansion of both the tour and hotel business. In this Project, TMG will seek to expand:

Company's existing hotels / resorts in Mai Chau
Greenfield construction of a new 80 room hotel/resort in Cat Ba in Northern Vietnam
Greenfield construction of a new three-star 100 room hotel in Can Tho
Greenfield construction of a second four-star beachfront Victoria Hotel with 150 rooms in Hoi An Town.
Purchase two 14-seater seaplanes to provide scenic flights/chartered flight services for tourists in Halong bay and Nha Trang.

Investment Description
  • International Finance Corporation (IFC)

Thien Minh Group was established in 1994 by Mr. Tran Trong Kien (CEO & Chairman) and his family. TMG ( is a leading travel service provider in Vietnam Since 2004, the Company has been expanding the tour operations business as well as investing into other aspects of the travel business such as hotel operations and management.

Recently, the Company operates (i) three inbound tour businesses (ii) seven hotels with total of 547 rooms in various locations in Vietnam plus one hotel in Laos, (iii) an on-line travel bookings company and (iv) a hotel management company. The Company is 52% owned by Mr. Tran Trong Kien and 48% owned by Vietnam Investments Group (VIG), a private equity fund.

The total Project cost is estimated to be US$43.4 million. The proposed IFC investment is US$14 million in equity. IFC has been invited also to convert US$3.5 million of the existing convertible loan into equity.

Contact Information

All inquiries and comments may be directed to:

Mr. Ho Viet Ha
Thien Minh Thien Minh Travel Joint Stock Company
Tel: +84(4)3828-0702
Fax: +84(4)3826-9370

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


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 You can learn more about the CAO and how to file a complaint at