BIM Land (IFC-42059)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Laos
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Ha Long, Phu Quoc Island (Vietnam) and Vientiane-Lao PDR
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
Completed
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 23, 2020
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
BIM LAND 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)
Advisory Services, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 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)
$ 57.15 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)
$ 202.80 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
Corporate Actor Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2024

Disclosed by Bank Feb 11, 2019

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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.

BIM Land Joint Stock Company (BIM Land) is a Vietnamese Hotel, Resort and Residential building developer operating in both Vietnam, and Lao Peoples Democratic Republic (Lao PDR).

The company is a privately-owned entity registered in Vietnam and is a subsidiary of BIM Group Limited Company (BIM Group), one of Vietnam’s largest privately-owned groups with interests in energy, agribusiness, tourism, and residential new town development.

IFC shall provide a US$ 100 million loan to BIM Land in the expansion of its tourism portfolio for the construction of three hotels/serviced apartments as one Intercontinental hotel in Ha Long Vietnam, one Holiday Inn in Vientiane Lao PDR, one Citadines serviced apartments and water theme park in Phu Quoc Island Vietnam.

The funds will be used by three project-specific subsidiaries, being:

  • Ha Long Production Development and Investment Company Limited (BIM Ha Long);
  • BIM Kien Giang Company Limited (BIM Kien Giang, located in Phu Quoc); and
  • Vientiane Investment and Development Co., Ltd (BIM Laos, and collectively known as the project subsidiaries).

The development of hotels and resorts includes:

  • Initial identification of projects and formation of a project team;
  • Identification of a suitable operator/partner;
  • Design based on operator standards and needs;
  • Environmental assessment and building permitting;
  • Construction and commissioning; and
  • Hand over to the operator.

Each project subsidiary remains the legal entity for the project and responsible for compliance to local regulations and laws. As such the project subsidiary maintains all legally required contracts and agreements, such as employment contracts, and statutory environmental reporting. The project subsidiary manages the supporting infrastructure for the project.

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

Total Project Cost is estimated to be US$202.8 million. IFC has been invited to provide a senior loan of up to US$57.2 million for IFC’s own account; and mobilize a senior loan of up to US$42.8 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP).

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.

BIM Group was founded by Mr. Viet Quoc Doan (the Sponsor). Mr. Doan started his first businesses in Poland where he and his wife were studying for their PhD at Warsaw Politechnic, before returning to Vietnam in 1994 to form BIM Group and subsequently BIM Land. The Company is wholly owned by the Sponsor and his direct family.

Ha Long Investment & Development Co., Ltd is the same company changed the name to BIM Group. 

The funds will be used by three project specific subsidiaries, being: (i) Ha Long Production Development and Investment Company Limited (BIM Ha Long); (ii) BIM Kien Giang Company Limited (BIM Kien Giang, located in Phu Quoc); and, (iii) Vientiane Investment and Development Co., Ltd (BIM Laos, and collectively known as the project subsidiaries). 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - BIM Group Client -
BIM Group Parent Company Construction owns BIM Kien Giang Company Limited Subsidiary Construction
BIM Group Parent Company Construction owns Ha Long Production Development and Investment Company Limited (BIM Ha Long) Subsidiary Construction
BIM Group Parent Company Construction owns Vientiane Investment and Development Co., Ltd Subsidiary Construction

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.

1/ The Project Contact

BIM Land Joint Stock Company 
Ms.Ha Bui 
Chief Financial Officer and Head of IR 
+84 4 3719 7214 
ha.bui@bimgroup.com 
Third Floor, Syrena Tower, 51 Xuan Dieu, Tay Ho, Hanoi, Vietnam 
www.bimgroup.com 

2/ The IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

3/Local Access for Project Documentation

 BIM Land Joint Stock Company

Third Floor, Syrena Tower, 51 Xuan Dieu, Tay Ho, Hanoi, Vietnam

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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How it works