PMH Property (IFC-41772)

Countries
  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
Ho Chi Minh City and Hoa Binh 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
Proposed
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.
Borrower
PHU MY HUNG DEVELOPMENT CORPORATION
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 75.00 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)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 27, 2019

Disclosed by Bank Mar 11, 2019


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Project Description

Phu My Hung Development Corporation (“PMH” or the “Company”) is a Vietnamese property developer and operator with its flagship being the development since the late 1990s of the Phu My Hung township at District 7 in the outskirts of Ho Chi Minh City (“HCMC”).

IFC will provide a Vietnamese dong-denominated bond of up to US$75 million equivalent to be used by PMH for the development of the following projects:

(i) urban residential and commercial developments in HCMC, such as the Saigon South Residences in Nha Be, over a total of ~24.75 hectares of the company’s existing urban landbank in the Phu My Hung township and nearby urban areas not requiring physical or economic displacement of population; and

(ii) the Phu Hung Khang ecological township project (“PHK eco-township”) in Hoa Binh, 57 km west of Hanoi (jointly “The Project”).

Some of the projects in HCMC, such as the Saigon South Residences, are in advance stages of construction, while others are in early planning stages. The PHK eco-township project near Hanoi is in early planning and permitting stage with construction targeted to start by 2020.

The PHK eco-township will cover an area of 405 hectares surrounding the Dong Bai Lake and will be developed over a period of 20 years. The project will include the construction of a 75-rooms hotel to be operated by an international brand, residential villas; and a two km-long access road to connect with a nearby national highway with an alignment still to be decided.

Investment Description
  • International Finance Corporation (IFC)

The total Project cost is estimated to be US$150 million. IFC has been invited to provide a VND-denominated bond of up to US$75 million equivalent.

Private Actors

The Company is 70% owned and controlled by Phu My Hung Asia Holdings (the Sponsor), a foreign investor in Vietnam since 1990s. The remaining 30% is ultimately owned by the government of Ho Chi Minh City.

Contact Information

1/ The Project Contact

Phu My Hung Development Corporation 
Contact: Nguyen Thi Thu Ha 
Position: Finance Manager 

Tel: +84 028 54119999 ext. 1150 

Email: thuha@pmh.com.vn 

Address: 10/F, Lawrence S.Ting Building, 801 Nguyen Van Linh Parkway,

Tan Phu Ward, District 7, HCMC, Vietnam 

2/ The 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

The SII will be disclosed locally at the following address:

Lawrence S. Ting Building, 801 Nguyen Van Linh Parkway,

Tan Phu Ward, Dist. 7, HCMC, Vietnam

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/