VNGH (IFC-45942)

Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Phan Thiet city and Tuy Phong district, Binh Thuan 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
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."
Voting Date
May 16, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
VN GREEN HOLDINGS PTE. LTD.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 45.00 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 Sep 13, 2022

Disclosed by Bank Apr 14, 2022

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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's website, "the proposed investment is for IFC to provide an up to US$45 million senior loan to VNGH to acquire the two subprojects". These subprojects include the Mui Ne Solar and VSP II Solar. Complete details for these two subprojects below:

(i) Mui Ne Solar: 40 MW solar subproject in Mui Ne ward, Phan Thiet city, Binh Thuan province with a total area of 38.5 ha. The Mui Ne subproject comprises an administrative office, an operation house, a roughly 100m-long 110 kV transmission line connecting the substation with the national power grid, a set of 110,000 solar panels and 13 inverters. The Mui Ne subproject started generating electricity in May 2019 and is currently operated by Duc Thanh-Mui Ne Joint Stock Company (DTMN). The proposed investment will fund the acquisition by VNGH of a 49.5% indirect equity interest in DTMN whose sole asset is the operational 40 MW Mui Ne solar PV project, via the acquisition of a 49.5% equity interest in DTMN’s holding company, Pacifico Energy Vietnam Joint Stock Company (PEV).

(ii) VSP II Solar: 33.1 MW VSP II solar subproject in Vinh Hao commune, Tuy Phong district, Binh Thuan province with a total area of 33.7 ha. The VSP II subproject comprises an administrative office, an operation house, a roughly 2.5 km-long 110 kV transmission line connecting the substation to the national 110 kV Phu Lac-Ninh Phuoc transmission line, and other subproject components. The Commercial Operation Date (COD) of VSP II subproject was on 18th June 2019 and currently under management and ownership of VSP Binh Thuan II Solar Power Joint Stock Company (VSP). The proposed investment will fund the acquisition by VNGH of a 99% direct equity interest in VSP, whose sole asset is the operational VSP II solar project.

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

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.

Contact Person: Quang H. Nguyen
Company Name: VN Green Holding Pte. Ltd
Address: p/o 1501 Me Linh Point Tower, 2 Ngo Duc Ke, Ben Nghe, Dist 1, HCMC
Email: quangnguyen@dragoncapital.com
Phone: +84 28 3823 9355
Facsimile: +84 28 3823 9366 

 

ACCESS TO INFORMATION

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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

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How it works