PROJECT

Projects

Environmental & Social Review Summary

Project Number

47708

Company Name

BIM LAND JOINT STOCK COMPANY

Date ESRS Disclosed

Aug 29, 2023

Country

Viet Nam

Region

East Asia and the Pacific

Last Updated Date

Sep 2, 2023

Environmental Category

B - Limited

Status

Active

Previous Events

Approved : Jun 29, 2023
Signed : Jul 24, 2023
Invested : Aug 30, 2023

Sector

City and Business Hotel

Industry

Tourism, Retail and Property

Department

Regional Industry - MAS Asia & Pac

Project Description

BIM Land is part of the BIM Group, which was established in 1994, and is a leading tourism and property developer in Vietnam that focuses on identifying and developing new tourism destinations in the country.

The proposed IFC investment consists of subscriptions to sustainability-linked bonds (“SLB”) of up to approximately US$150 million (in VND equivalent), of which US$50 million will be issued by Thanh Xuan Joint Stock Company and US$100 million will be issued by BIM Land Joint Stock Company (“BIM Land”). The proposed IFC investment is earmarked for (i) the development of Thanh Xuan valley project, which includes a hotel complex under the InterContinental brand, shophouses, and infrastructure of the project, and (ii) Intercontinental and Regent Hotel in Phu Quoc.

BIM Land is an IFC client with one existing loan consisting of US$87.5 million committed in June 2019. Please refer to the environmental and social review summary for the project at https://disclosures.ifc.org/project-detail/ESRS/42059/bim-land-project. Ongoing supervision of the existing investment indicates BIM Land’s environmental and social performance is generally satisfactory.                                                   

Overview of IFC's Scope of Review

 IFC’s review of the proposed investment was conducted in February and March 2023, included (i) meetings with the management team of BIM Land and its subsidiaries including Project Management Unit Managers, Environment Health and Safety (EHS) Manager, Occupational Health and Safety (OHS) contractor supervisor, building contractors as well as the Intercontinental Hotels Group (IHG) hotel operator teams including general manager, Life and Fire Safety (L&FS) manager, head of Human Resources (HR), technical engineering team, and staffs; (ii) site visits included Thanh Xuan Valley (under construction) in Vinh Phuc Province, Intercontinental Phu Quoc Long Beach Resort (operational), Regent Phu Quoc (operational), and Park Hyatt Phu Quoc Residences (under construction) in Phu Quoc Island; (iii) review of EHS and social information provided by BIM Land and its subsidiaries, including corporate and project level EHS procedures, HR policies and manuals, emergency response procedures, Environmental Impact Assessment reports for all projects, sample employment contracts, sample construction contracts, community grievance handling procedure, among others.                                                  

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Stakeholder Engagement

Broad Community Support

Environmental & Social Action Plan