ITL (IFC-41523)

Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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."
Borrower
INDO TRANS LOGISTICS CORPORATION
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 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.
Loan Amount (USD)
$ 50.00 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)
$ 50.00 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 Feb 4, 2020

Disclosed by Bank Jan 20, 2020

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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.

According to the bank document, Indo Trans Logistics Corporation (“ITL” or the “Company”) is a logistic company headquartered in Ho Chi Minh City, with more than 90 branch offices and distribution centers throughout Vietnam. ITL has 5 business lines: aviation services, freight management (including railway logistics), contract logistics, visa application centers and last-mile/express delivery.

The loan from IFC will support the transition of a domestic logistic player in Vietnam (via investment and acquisition) into an integrated service provider capable of delivering higher quality and efficient solutions to meet Vietnam's growing demand for logistics services. The main project-level effect is on stakeholders through improved access and quality of service for customers. Beyond the Project, the main source of expected market impact is contribution to market competitiveness via demonstration effects by supporting the development of a holistic logistics platform providing high-value-added services.

ITL has 81 offices servicing more than 30 cities across Vietnam, Cambodia, Laos, Myanmar, Thailand, and Singapore. It has 17 subsidiaries and 7 associate companies.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment in ITL is up to US$ 50 million in the form of a senior, secured, corporate loan.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

ITL has a number of group subsidiaries delivering abovementioned business lines. The Company currently owns and operates about 15 large- and medium-sized distribution centers and warehouses, with an average total floor space of about 1.2 ha each. The Company also operates a railway cargo station with an area of 2.8 ha in central Hanoi and a 0.8 ha airport cargo warehouse near Noi Bai International Airport. ITL further owns and operates a fleet of about 500 trucks directly and in subsidiaries. Products handled and stored by the Company at its warehouses are predominantly consumer products and electric appliances. The proposed IFC investment (the “Project”) is a senior corporate loan up to US$50 million to fund ITL’s growth.

Shareholders of the Company include:

  1. Mr. Tran Tuan Anh (a Vietnamese national, ITL’s CEO);
  2. Symphony Logistic Pte. Ltd. (a Singapore based company);
  3. SEA Investment Joint Stock Company (a Vietnamese company);
  4. Ms. Nguyen Thi Nhu Mai (a Vietnamese national);
  5. Mr. Zulkifli Baharudin (a Singapore national, ITL’s Chairman); and
  6. Mr. Veera Satchatippavarn (a Thai national).
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Indo Trans Logistics (ITL) Corporation Client -
- - - - SEA Investment Joint Stock Company Investor -
- - - - Symphony Logistic Pte. Ltd. Investor -

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.

1/Project Contact

Indo Trans Logistics Corporation
Mr. Simon Thuc
HR Director
+848 3948 6888 ext 8035
simon.thuc@itlvn.com
52-54-56 Truong Son St., Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam
http://www.itlvn.com

2/ IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/ Local Access for Project Documentation

Indo Trans Logistic Vietnam

No.52-54-56 Truong Son St., Ward 2, Tan Binh District

Ho Chi Minh City, Viet Nam                   

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/

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