Thien Minh II (IFC-33350)

Countries
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mai Chau city, Cat Ba city, Can Tho city, Hoi An town, Ha Long Bay, and Nha Trang City
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
Active
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
Dec 2, 2013
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
THIEN MINH TRAVEL JOINT STOCK COMPANY
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 14.00 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)
$ 43.40 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 Sep 17, 2019

Disclosed by Bank Nov 1, 2013

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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.

Thien Minh Group (TMG) is conducting a long term strategic expansion of both the tour and hotel business. In this Project, TMG will seek to expand:

Company's existing hotels / resorts in Mai Chau
Greenfield construction of a new 80 room hotel/resort in Cat Ba in Northern Vietnam
Greenfield construction of a new three-star 100 room hotel in Can Tho
Greenfield construction of a second four-star beachfront Victoria Hotel with 150 rooms in Hoi An Town.
Purchase two 14-seater seaplanes to provide scenic flights/chartered flight services for tourists in Halong bay and Nha Trang.

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

Thien Minh Group was established in 1994 by Mr. Tran Trong Kien (CEO & Chairman) and his family. TMG (english.thienminhtravel.com) is a leading travel service provider in Vietnam Since 2004, the Company has been expanding the tour operations business as well as investing into other aspects of the travel business such as hotel operations and management.

Recently, the Company operates (i) three inbound tour businesses (ii) seven hotels with total of 547 rooms in various locations in Vietnam plus one hotel in Laos, (iii) an on-line travel bookings company and (iv) a hotel management company. The Company is 52% owned by Mr. Tran Trong Kien and 48% owned by Vietnam Investments Group (VIG), a private equity fund.

The total Project cost is estimated to be US$43.4 million. The proposed IFC investment is US$14 million in equity. IFC has been invited also to convert US$3.5 million of the existing convertible loan into equity.


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.

All inquiries and comments may be directed to:

Mr. Ho Viet Ha
Thien Minh Thien Minh Travel Joint Stock Company
Tel: +84(4)3828-0702
Fax: +84(4)3826-9370
Email: mailto:ha.ho@tmgroup.vn

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

ACCOUNTABILITY MECHANISM OF IFC

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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