This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose 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. The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group’s official position. In some cases, available project location information is limited to the country of the project’s activities. Locations are approximate.
Project Number 41686 Company Name PACIFIC HOLDINGS JOINT STOCK COMPANY Date SPI DisclosedJan 22, 2019 Country Vietnam RegionEast Asia and the Pacific Projected Board DateFeb 21, 2019 Environmental Category B Status Pending SigningLast Updated Date Department Regional Industry – MAS Asia & PacIndustry Health and Education Previous Events Approved : Mar 25, 2019Sector Medical and Diagnostic Services
Project Description : Pacific Holdings Vietnam Joint Stock Company (Pacific Holdings or the Company) is a healthcare group with a footprint in HCMC, Hanoi and secondary provinces, currently primarily focusing on dental care through Kim Dental, which is Vietnam’s largest and leading dental care provider with 26 clinics at the moment. The Company is expanding into polyclinics (general health clinics) and physiotherapy (chiropractic) care. The Company provides high quality services at affordable prices targeting the growing middle-class population. The Company is growing fast, is profitable and managed by a strong management team and dynamic shareholders. Pacific Holdings foresees a large and growing demand in the dental, polyclinic and physiotherapy (chiropractic) care services in Vietnam and plans to open approximately 30 dental clinics, 2 polyclinics and 7 physiotherapy (chiropractic) clinics in the next 2-3 years (the Project)
There are three individual shareholders of Pacific Holdings (the Sponsors):
- Dr. Nam Huu Nguyen: Chairman of Pacific Holdings and Kim Dental with 18 years of experience in healthcare and dentistry.
- Mr. Bin Duy Su: CEO of Kim Dental with many years of operating experience. Mr. Bin holds a Master from Griffith University, Queensland, Australia.
- Mr. Viet Minh Huynh: CEO of Pacific Holdings with extensive experience in investment and finance. Mr. Viet previously worked at Morgan Stanley in Los Angeles and New York, and holds an MBA from Harvard and MS & BA from Stanford
Broader Access to Quality Health Care: The Project will support the expansion of Vietnam’s leading dental care provider as well as a new polyclinic chain, increasing the number of lives reached. Skill Development of Medical Professionals: Pacific Holdings provides training for health care professionals. By expanding its network, Pacific Holdings will increase training opportunities for health professionals in Vietnam, improving the level of skills in the sector. Job Creation: Pacific Holdings’ expansion will create new jobs. These jobs are well sought after within the healthcare sector in Vietnam .
This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific and reversible E&S impacts may result, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Key environmental, health and safety (EHS), human resources and social issues that were reviewed included the following: E&S management system; working conditions and occupational health and safety of the employees; management of wastewater and biomedical and infectious medical waste; life and fire safety and emergency preparedness and response program; resource use and efficiency; and community engagement
Global Knowledge and Network: IFC will share best practices in different areas of operations, including facilitating introductions within IFC’s network of health care clients. Long Term Capital: IFC’s long term investment horizon suits the cash generation profile of the Company, and the Company and Sponsors value IFC’s intention to remain as a long term investor. Environmental and Social (E&S) Best Practices: As the Company endeavors to improve E&S practices, IFC’s promotion of best E&S practices is highly valued .