BIM Land (IFC-42059)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Countries
  • Laos
  • Vietnam
Where the impacts of the investment may be experienced.
Specific Location
Ha Long, Phu Quoc Island (Vietnam) and Vientiane-Lao PDR
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
BIM LAND JOINT STOCK COMPANY
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services, Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 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)
$ 42.80 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)
$ 202.80 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 25, 2019

Disclosed by Bank Feb 11, 2019


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Project Description

BIM Land Joint Stock Company (BIM Land) is a Vietnamese Hotel, Resort and Residential building developer operating in both Vietnam, and Lao Peoples Democratic Republic (Lao PDR).

The company is a privately-owned entity registered in Vietnam and is a subsidiary of BIM Group Limited Company (BIM Group), one of Vietnam’s largest privately-owned groups with interests in energy, agribusiness, tourism, and residential new town development.

IFC shall provide a US$ 100 million loan to BIM Land in the expansion of its tourism portfolio for the construction of three hotels/serviced apartments as one Intercontinental hotel in Ha Long Vietnam, one Holiday Inn in Vientiane Lao PDR, one Citadines serviced apartments and water theme park in Phu Quoc Island Vietnam.

The funds will be used by three project-specific subsidiaries, being:

  • Ha Long Production Development and Investment Company Limited (BIM Ha Long);
  • BIM Kien Giang Company Limited (BIM Kien Giang, located in Phu Quoc); and
  • Vientiane Investment and Development Co., Ltd (BIM Laos, and collectively known as the project subsidiaries).

The development of hotels and resorts includes:

  • Initial identification of projects and formation of a project team;
  • Identification of a suitable operator/partner;
  • Design based on operator standards and needs;
  • Environmental assessment and building permitting;
  • Construction and commissioning; and
  • Hand over to the operator.

Each project subsidiary remains the legal entity for the project and responsible for compliance to local regulations and laws. As such the project subsidiary maintains all legally required contracts and agreements, such as employment contracts, and statutory environmental reporting. The project subsidiary manages the supporting infrastructure for the project.

Investment Description
  • International Finance Corporation (IFC)

Total Project Cost is estimated to be US$202.8 million. IFC has been invited to provide a senior loan of up to US$57.2 million for IFC’s own account; and mobilize a senior loan of up to US$42.8 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP).

Private Actors

BIM Group was founded by Mr. Viet Quoc Doan (the Sponsor). Mr. Doan started his first businesses in Poland where he and his wife were studying for their PhD at Warsaw Politechnic, before returning to Vietnam in 1994 to form BIM Group and subsequently BIM Land. The Company is wholly owned by the Sponsor and his direct family.

Ha Long Investment & Development Co., Ltd is the same company changed the name to BIM Group. 

Contact Information

1/ The Project Contact

BIM Land Joint Stock Company 
Ms.Ha Bui 
Chief Financial Officer and Head of IR 
+84 4 3719 7214 
ha.bui@bimgroup.com 
Third Floor, Syrena Tower, 51 Xuan Dieu, Tay Ho, Hanoi, Vietnam 
www.bimgroup.com 

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

 BIM Land Joint Stock Company

Third Floor, Syrena Tower, 51 Xuan Dieu, Tay Ho, Hanoi, 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/