International Finance Corporation (IFC) is considering an investment in the form of senior loan of up to US$200 million, consisting of an anchor-level A Loan and a B Loan and/or Parallel Loan to Vietnam International Commercial Joint Stock Bank (VIB or the Bank). Through the investment, IFC will support VIB’s growth of its small and medium enterprises (SMEs), micro SMEs and affordable housing loan portfolio, which in turn increase financial inclusion, create jobs and reduce poverty in Vietnam.
Vietnam International Commercial Joint Stock Bank, abbreviated as Vietnam International Bank (VIB), was founded on 18th September, 1996 with its head office based at 16 Phan Chu Trinh, Hoan Kiem District, Hanoi. As of June 30, 2017, the Bank had 160 branches and transaction offices in Vietnam. The Bank provides to both corporate and retail clients through those branches and transaction offices. The current main shareholders of VIB are:
(i) Commonwealth Bank of Australia (CBA) with a 20% shareholding,
(ii) 10 institutional investors with a 4.2% shareholding, and
(iii) 1,305 individual investors with a 75.8% shareholding.
The total project cost is estimated at up to US$200 million. The project aims to support the Bank’s lending to SMEs, micro SMEs and affordable housing.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
1/The Project Contact
Vietnam International Commercial Joint Stock Bank
Mr. Han Ngoc Vu
Chief Executive Officer
+84 24 62760068
Floor 7, ConerStone Building, 16 Phan Chu Trinh Street, Hanoi, Vietnam
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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/