Vietnam Maritime Commercial Joint Stock Bank (FMO-65795)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
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
A
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
Jan 24, 2025
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
Vietnam Maritime Commercial Joint Stock Bank – MSB
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 30.00 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.
Project Cost (USD)
$ 80.00 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 @ FMO website

Updated in EWS May 12, 2026

Disclosed by Bank Dec 22, 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, FMO is providing a USD 50 mln loan from its own book of which USD 30 mln is committed and USD 20 mln is uncommitted. Further FMO is providing a USD 30 mln loan through the Dutch Fund for Climate and Development. The use of proceeds that has been agreed with MSB is towards inclusive MSME businesses for the FMO facility and for Green/ Climate resilient agri projects for the DFCD facility.

FMO's support for green and inclusive financing is contributing to SDGs 13 Climate Action and SDG 10 Reduced Inequalities, resulting in a 100% RI label for the FMO loan and a 100% green label for the DFCD facility.

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.

MSB is classified as an E&S Category A bank due to its high environmental and social (E&S) risk profile, driven by both sector exposure and portfolio size. High E&S activities are particularly concentrated in sectors such as construction, real estate, energy (including power generation and electricity distribution). The key contextual risks in these sectors include habitat fragmentation, resource depletion, pollution, climate change, occupational health and safety concerns, loss of cultural heritage, and social inequality.

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

A USD 50 mln loan from its own book of which USD 30 mln is committed and USD 20 mln is uncommitted. Further FMO is providing a USD 30 mln loan through the Dutch Fund for Climate and Development.
Funding: FMO NV

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

Vietnam Maritime Commercial Joint Stock Bank – MSB was the first joint stock commercial bank in Vietnam since 1991. Over 34 years of development, MSB operates across 51 most cities/provinces in Vietnam with 62 branches and 201198 transaction offices, employs over 6,000 employees (as of December 31, 2024) and is has been publicly listed on Ho Chi Minh Stock Exchange since December 2020. Total assets amount to over VND 295320 trillion (~US$12313 billion) and charter total capital to VND 26 36.8 trillion (~US$ 1.5 billion)( as of December 31,2024).


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.

https://www.msb.com.vn/

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works