SeABank Convert (IFC-46462)

  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
  • 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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 31, 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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 75.00 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)
$ 75.00 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 Jan 23, 2024

Disclosed by Bank Jul 1, 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 investment consists of a five-year convertible senior loan of up to US$75 million on IFC’s own account to Southeast Asia Commercial Joint Stock Bank (SeABank or the Bank), a top 12 private bank by asset size in Vietnam and IFC’s recently onboarded client, to support the Bank’s growth strategy and increase targeted lending to SMEs, including WSMEs. Of the total financing package, at least US$20 million will be earmarked exclusively for on-lending to WSMEs. IFC will have an option to convert its loan to an up to 5 percent shareholding in the form of common shares of SeABank."

As stated by Recourse and partners in a recent report, if converted to equity, the IFC will be exposed to SeABank’s oil and fossil gas investments. In 2022, SeABank released
another long-term loan to PV Gas amounting to VND 895.66bn (approx $37.74m). SeABank’s financial report for the last quarter of 2022 shows that it had long-term investments in five PV Oil Joint Stock Companies (JSCs) in 2021 and 2022. SeABank’s long term investments in PV Oil JSC amounted to VND 44.77bn (approx $1.89m) in both 2021 and 2022. The Bank also had long-term investments in Phu My Oil Processing JSC at VND 11bn (approx $463,000) in both 2021 and 2022.

Bank disclosures on financial intermediary sub-projects are often limited. Although the bank disclosures did not categorize this as an energy project, civil society research has linked this project with oil and gas. Therefore, for purposes of this snapshot and other research, the Early Warning System team has categorized this project as an "Energy" 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.

Southeast Asia Commercial Joint Stock Bank
Mr. Nguyen Tuan Anh
Head of Risk
+ 84 24 3944 8688
BRG Tower, 198 Tran Quang Khai street, Hoan Kiem, Hanoi, Vietnam



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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.


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 You can learn more about the CAO and how to file a complaint at

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