40075 - SILK

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Summary of Investment Information

Project Number

40075

Company Name

PVI HOLDINGS

Date SPI Disclosed

Aug 6, 2021

Country

Viet Nam

Region

East Asia and the Pacific

Projected Board Date

Apr 13, 2021

Environmental Category

FI-1 - Significant

Status

Completed

Last Updated Date

Dec 18, 2024

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Apr 13, 2021
Signed : May 31, 2021
Invested : Aug 6, 2021

Sector

General Insurance (Non-Life)

Project Description

The project entails an equity investment in existing common shares of PVI Holdings (PVI or the Company) for up to six percent ownership of the Company. IFC would invest in association with the IFC Asset Management Company-managed IFC Emerging Asia Fund (EAF) and IFC Financial Institutions Growth Fund (FIG Fund) (35 percent of the investment each).

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	7.48

Development Impact

E&S Category Rationale / Risks and Mitigation

The Project entails an equity investment in the existing shares of PVI, an insurance company in Vietnam. PVI provides its insurance and reinsurance services in such sectors as energy, including oil and gas, coal, aviation, engineering and property, hull, protection & indemnity, motor, health and personal accident, cargo, and fire insurance. Given PVI's sizeable exposure to large corporate clients operating in high-risk sectors, the E&S risk associated with the Project is considered to be high. The project has therefore been categorized as FI-1 in accordance with IFC's Sustainability Policy. PVI has exposure to coal-related projects. This exposure is mainly to support coal-fired power plants (3.7 percent of its total Gross Written Premium as of December 31, 2020). This project is subject to the IFC FI Green Equity Approach. The applicable performance requirements will include the IFC Exclusion List, relevant national E&S laws, and screening out potential insureds or their assets exposed to high E&S related reputational risks.

In order to avoid covering companies or their assets exposed to high E&S reputational risks, in addition to the standard review of compliance with national E&S requirements as conducted by PVI currently, the Company will be required to screen out high reputational risk projects and companies that may have for instance: (i) projects involving large resettlement; (ii) large projects with potentially significant impacts to biodiversity/sensitive ecosystems; and (iii) projects with significant occupational health and safety risks and labor conditions. Such a screening procedure will be required to be applied to both PVI's insurance and reinsurance activities in the energy, engineering, aviation, agriculture, and property sectors. The Company will also be required to adopt enhancements to the existing engineering risk assessment methodology.

Contacts

For Inquiries About the Project, Contact

HDI Global SE
DUONG Thanh François
General Manager
+65 6922 9536
danh.duong@hdi.global
#21-61 One Raffles Place Tower 2 Singapore 048616
https://www.hdi.global

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date
Enhancement of engineering risk assessment procedure	08/31/2021
Develop a high reputational risk screening procedure	08/31/2021

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