Phu My Hung asks $75 million for help from IFC

17:32 | 07/07/2020
The International Finance Corporation (IFC), a member of the World Bank Group, is providing a financing package of $75 million to Phu My Hung Development Corporation to help sustain its property development operations after COVID-19.
phu my hung asks 75 million for help from ifc
Nguyen Van Linh Boulevard, developed by Phu My Hung Corporation

This bond is the first of IFC’s COVID-19 response projects in Vietnam. It comes under the Real Sector Crisis Response Facility, which will provide $2 billion globally to IFC’s existing clients in the healthcare, infrastructure, manufacturing, agriculture, and services industries to cope with the pandemic.

This investment will allow the company to extend financial relief to clients, suppliers, and contractors along its property value chain, helping preserve jobs and contributing to a resilient local economy.

“This funding will bolster Phu My Hung’s ability to cope with the challenges emerging from the COVID-19 pandemic, including demand and supply chain disruptions,” said Kyle Kelhofer, IFC country manager for Vietnam, Cambodia, and Lao.

Gary Tseng, CEO of Phu My Hung, shared that “local businesses are the primary engines of job creation, which drive the national economy. With the COVID-19 situation, IFC’s support will enable us to extend financial relief to our local clients.”

In the wake of COVID-19 impacts, IFC will provide $8 billion COVID-19 fast-track financing to support the private sector and preserve jobs across the world.

Last year, IFC provided around $75 million to Phu My Hung (by bonds) to expand its projects in Vietnam’s secondary provinces Hoa Binh, aiming to improve local residents’ access to quality housing as well as education and healthcare services.

Phu My Hung is a reputable real estate developer in Vietnam, supplying a lot of houses mainly in Ho Chi Minh City and a large number of leasing offices and retail stores for over 300 companies. The global health crisis has impacted most retailers and businesses, including renters, homebuyers, developers, and contractors.

Phu My Hung Corporation is a venture of Tan Thuan Export Processing Zone and Phu My Hung Asia Holdings [formerly Central Trading & Development (CT&D Group from Taiwan)] was established in 1993.

The corporation is the developer of Phu My Hung urban area in Ho Chi Minh City's District 7 on an area of 400ha, as well as the builder of the 18km-long Nguyen Van Linh Boulevard.

Recently, this corporation has been focusing on the real estate sector by acquiring the 212ha Sen Viet project in Long An province, the 406ha Sannam project in Hoa Binh, and the 198ha Hong Hac-Xuan Lam ecopark in Bac Ninh province.

By Nguyen Huong

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