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BIM Land

The International Finance Corporation (IFC) is providing a $100 million loan to BIM Land Joint Stock Company for the expansion of its tourism portfolio. The funds will be used to construct three hotels/serviced apartments in Vietnam and Laos through three project subsidiaries. The total project cost is $202.8 million, of which IFC will provide up to $57.2 million and mobilize up to an additional $42.8 million through its Managed Co-Lending Portfolio Program. The projects include an Intercontinental hotel in Ha Long, Vietnam, a Holiday Inn in Vientiane, Laos, and a Citadines serviced apartments and water theme park in Phu Quoc Island,

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Hung Nguyen Manh
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88 views5 pages

BIM Land

The International Finance Corporation (IFC) is providing a $100 million loan to BIM Land Joint Stock Company for the expansion of its tourism portfolio. The funds will be used to construct three hotels/serviced apartments in Vietnam and Laos through three project subsidiaries. The total project cost is $202.8 million, of which IFC will provide up to $57.2 million and mobilize up to an additional $42.8 million through its Managed Co-Lending Portfolio Program. The projects include an Intercontinental hotel in Ha Long, Vietnam, a Holiday Inn in Vientiane, Laos, and a Citadines serviced apartments and water theme park in Phu Quoc Island,

Uploaded by

Hung Nguyen Manh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Early Warning System

IFC-42059
BIM Land
Early Warning System IFC-42059
BIM Land

Quick Facts

Countries Laos, Vietnam


Specific Location Ha Long, Phu Quoc Island (Vietnam) and Vientiane-Lao PDR
Financial Institutions International Finance Corporation (IFC)
Status Proposed
Bank Risk Rating B
Borrower BIM LAND JOINT STOCK COMPANY
Sectors Construction, Infrastructure
Investment Type(s) Advisory Services, Loan
Investment Amount (USD) $ 100.00 million
Loan Amount (USD) $ 42.80 million
Project Cost (USD) $ 202.80 million

Early Warning System https://ews.rightsindevelopment.org/ ews@rightsindevelopment.org


Early Warning System IFC-42059
BIM Land

Project 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.

Early Warning System https://ews.rightsindevelopment.org/ ews@rightsindevelopment.org


Early Warning System IFC-42059
BIM Land

Investment Description
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).

International Finance Corporation (IFC)

Private Actors
BIM Group -- Implementing Company

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.

Early Warning System https://ews.rightsindevelopment.org/ ews@rightsindevelopment.org


Early Warning System IFC-42059
BIM Land

Contact Information
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/

Early Warning System https://ews.rightsindevelopment.org/ ews@rightsindevelopment.org

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