VETCVN (IFC-50745)

Countries
  • 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
Proposed
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
VETC Joint Stock Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
  • Transport
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.80 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 14, 2025

Disclosed by Bank Mar 24, 2025

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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, IFC is considering a 5-year convertible bond of up to 500 billion VND (US$ 19.8 million equivalent) to finance the Company’s capital expenditure program in the ETC business and its growth into other vehicles related added services segments, such as car parking fee collection business.                                              

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012) because it is expected to have limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. Key E&S impacts and risks include (i) capacity and systems of the client to upgrade and effectively implement an E&S management system in accordance with IFC PSs; (ii) human resource (including gender-based violence and harassment) and occupational health and safety (OHS) management to ensure fair and safe working conditions for all workers, including third-party workers (e.g., contractors); and (iii) e-waste and hazardous waste management.

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

The proposed IFC investment of up to VND 500 billion (US$ 19.8 million equivalent) in the form of convertible bond.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

VETC Joint Stock Company is the leading electronic toll collection (“ETC”) systems operator in Viet Nam. Founded in 2015, VETC operates ETC systems on tolled roads and expressways across Viet Nam under long-term contracts with road operators. The Company manages 126 toll plazas and nearly 700 toll lanes nationwide, servicing over 3.8 million cars.

VETC is a wholly owned subsidiary of TASCO Joint Stock Company (“Tasco” or the “Sponsor”). Established in 1999, TASCO is currently listed on the Hanoi Stock Exchange with a market cap of approximately US$ 570 million as of March 17, 2025. Tasco operates in four key businesses: (i) construction of road, bridges, and other infra projects; (ii) operation of five road BOT projects; (iii) automobile distribution; and (iv) real estate.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - VETC Joint Stock Company Client -

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.

VETC Joint Stock Company
Nguyen Le Thang
General Director
+84 966771234
ThangNL@vetc.com.vn
Tasco Building, HH2-2, Me Tri Ward, Nam Tu Liem District, Hanoi, Viet Nam
www.vetc.com.vn

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