Goertek Vietnam Loan (IFC-45271)

Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bac Ninh and Nghe An, Vietnam
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
Approved
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
GOERTEK INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 200.00 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 May 11, 2022

Disclosed by Bank Nov 12, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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's website, "the proposed investment is a total of US$700 million senior loans, including IFC A plus B loans, to two Vietnam subsidiaries of Goertek Inc. (“Goertek”, “the Sponsor” or “the Guarantor”) for (i) the expansion of an existing production base in Bac Ninh, Vietnam and (ii) the construction of a new production base in Nghe An, Vietnam (together, the “Project”). Goertek Technology Vina Company Limited (“Goertek Bac Ninh”) will undertake the expansion in Bac Ninh and Goertek Precision Industry Vietnam Company Limited (“Goertek Nghe An”) will construct the greenfield in Nghe An (together “Goertek Vietnam”, the “Companies” or the Borrowers”)."

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

The Project will be funded by the IFC A plus syndicated B loans and Goertek’s internally generated cash. The proposed IFC investment is a 5-year senior loan of up to US$700 million in total with a grace period of 1 year.


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.

Eden Li
Finance Manager, Goertek Technology Vina Company Limited
+840333285970
Eden.li@goertek.com
Lot N-1 Que Vo Industrial Park (Expansion Zone), Nam Son Ward, Bac Ninh City, Bac Ninh Province, Vietnam
https://www.goertek.com/en/

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works