Hanoi, Vietnam, May 5, 2014—IFC, a member
of the World Bank Group, is financing the expansion of Thien Minh Group’s
hospitality business, which will boost Vietnam’s tourism sector, contribute
to its economic diversification and sustainable growth, and create jobs.
IFC has committed a $14 million equity investment
in Thien Minh Group. The financing will help the company realize its long-term
strategic plan of expanding its tour operating business as well as developing
its hotel chains across Vietnam.
“This investment deepens our partnership
with IFC,” said Tran Trong Kien, Chief Executive Officer at Thien Minh
Group. “IFC financing and technical advice will help us to build one of
the most successful, sustainable travel companies in Asia as well as an
important player in the hospitality industry in Indochina.”
Established in 1994, Thien Minh Group has
grown from a tour operator into a leading privately owned integrated travel
group with three main tour companies, an on-line booking company, 11 three-
and four-star hotels and a hotel management company. The group brings more
than 90 thousand tourists to the Southeast Asia region and achieved over
200 thousand visits to its own hotels annually. As one of Southeast Asia’s
favorite leisure tourism destinations, Vietnam’s tourism industry has
huge growth potential. Regional neighbors Malaysia and Thailand receive
about 25 and 20 million inbound tourists, respectively, every year compared
to six million for Vietnam.
In pursuit of a green and sustainable tourism
business, Thien Minh Group has committed to applying IFC’s Excellence
in Design for Greater Efficiencies Green Building Certification System
in its new hotels with the aim of reducing energy, water, and material
consumption by at least 20 percent compared with similar buildings.
excited to support Thien Minh Group as a company that has built itself
from modest entrepreneurial beginnings to become the leading private sector
player in Vietnam's fast growing tourism industry,”
said Simon Andrews, IFC Regional Manager for Vietnam, Cambodia, Lao PDR,
Myanmar and Thailand. “Thien Minh
Group is showing the way for other entrepreneurs and private sector companies
in Vietnam and setting standards by adopting international best practice
in governance, operations and sustainability.”
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
About Thien Minh Group
Founded in 1994 and headquartered in Vietnam,
Thien Minh Group is one of the leading integrated travel and hospitality
groups based in Southeast Asia. The Group brings approximately 90 thousand
tourists to the region and hosts over 200 thousand guests in its own hotels
annually. Some of Thien Minh Group's key brands include Buffalo Tours,
Victoria Hotels and Resorts, ÊMM Hotels and Resorts and the online travel
booking website www.iVIVU.com.
One of Thien Minh Group’s latest developments includes Hai Au Aviation,
which will operate scenic flights in the Ha Long Bay area and schedule
flights on seaplanes between Hanoi and Ha Long, starting from August 2014.
This will be the first time seaplanes are introduced to Vietnam for tourism