PROJECT

Projects

Summary of Investment Information

Project Number

33350

Company Name

THIEN MINH TRAVEL JOINT STOCK COMPANY

Date SPI Disclosed

Nov 1, 2013

Country

Viet Nam

Region

East Asia and the Pacific

Projected Board Date

Dec 2, 2013

Environmental Category

B - Limited

Status

Active

Last Updated Date

Nov 30, 2016

Department

Regional Industry - MAS Asia & Pac

Industry

Tourism, Retail and Property

Previous Events

Approved : Dec 17, 2013
Signed : Mar 12, 2014
Invested : Mar 28, 2014

Sector

Tour Operators (i.e., Arranging and Assembling Tours)

Project Description

Thien Minh Group (“TMG” or “Company”) is one of the largest private sector integrated tour and hotel operator companies in Vietnam. In 2010, IFC made its first investment of US$12 million in a convertible loan to fund part of the Company‘s acquisition costs of the Victoria hotel chain in Vietnam.

TMG is undertaking a long term strategic plan to expand both the tour and the hotel business by: (i) developing a branded three star hotel chain across major cities in Vietnam; (ii) scaling up the four-star Victoria hotel chain to major cities and tourist destinations in Vietnam; and (iii) diversifying its tour product portfolio by adding additional services. The proposed project is to provide equity financing to TMG to fund its new projects.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation