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According to an announcement released by the International Finance Corporation (IFC) today, the financial institution will invest $14 million in Thien Minh Group, aiming to boost Vietnam’s tourism sector, contribute to its economic diversification and sustainable growth, and create jobs.
“This investment deepens our partnership with IFC,” said Tran Trong Kien, chief executive eoficer at Thien Minh Group.
“IFC financing and technical advice will help us build one of the most successful, sustainable travel companies in Asia as well as an important player in the hospitality industry in Indochina,” he added.
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 200,000 visits to its own hotels annually.
It is the owner of the famous Victoria hotel chain in Vietnam and the Buffalo Tour. One of Thien Minh Group’s latest developments includes Hai Au Aviation, which will operate scenic flights in the Halong Bay area and schedule flights on seaplanes between Hanoi and Halong, starting from August 2014. This will be the first time seaplanes are introduced to Vietnam for tourism purposes.
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 per cent 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’s 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,” said Andrews.