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.
We're 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
. 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 purposes.