VUS Training (IFC-38740)

  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Ho Chi Minh 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 1, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Education and Health
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 8, 2017

Disclosed by Bank Oct 18, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
Vietnam US Society English International Joint Stock Company ("VUS" or "the company") currently operates 15 training centers in Ho Chi Minh City, Vietnam serving about 38,000 students. The company offers English language training programs for each category of students including juniors, teens and adults as well as other premium and supplementary programs ( typically rents rooms/ buildings in commercial and residential areas for purposes of training centers and the company doesn't plan any construction of new buildings. Usually, prior to commencement of new centers operation the company refurbishes rented space so as to equip for training purposes. The company intends to continue expanding its operations in Vietnam ("the project"). The project shall encompass both optimization of programs and expansion of the company's physical presence.IFC is considering a co-investment, with Aureos South-East Asia Fund II L.P. ("ASEAF II" or "the Fund"), an existing IFC investee fund (#29952, disclosed in November 2011) managed by The Abraaj Group ("Abraaj"). In the transaction, ASEAF II and co-investors (including IFC) will jointly invest in the project through a special purpose vehicle which is being set up and will be managed and controlled by Abraaj.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.
VUS is a Vietnam registered private company. Mr Pham Tan Nghia is the founder and majority shareholder of VUS. Post-acquisition, the BidCo will hold a significant stake in VUS and the remaining shares held by Mr Pham Tan Nghia. ASEAF II, an Ontario limited partnership, is a 10-year closed end Private Equity fund managed by Abraaj. Founded in 2002 by Mr. Arif Naqvi, Abraaj is now a leading fund manager operating in the emerging markets of Asia, Africa, Latin America and the Middle East.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Contact Person: Piyush Singhvi Company Name: Eagle Holdings Pte. Ltd. Address: 9 Battery Road, #15-01, Straits Trading Building, Singapore 049910 Email: Phone: +65 6420 6363 Facsimile: +65 6420 6364 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 You can learn more about the CAO and how to file a complaint at

How it works

How it works