Quick Facts

Where the impacts of the investment may be experienced.
  • Vietnam
Location: Long An, Ben Tre provinces
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • International Finance Corporation (IFC)
Status: Approved
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2015-01-21
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: THE PAN GROUP JSC
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
  • Agriculture and Forestry
  • Industry and Trade
Investment Type(s): Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 6.63 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 35.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IFC website
Updated in EWS: 2018-01-03
Disclosure Date: 2015-01-20
Pan Pacific VN

Project Description
The proposed investment is a US$6.5 million equity investment in Pan Pacific Corporation ("PAN" or the "Company") to support the company's US$35 million expansion which comprises: (i) acquisition of a target company in consumer food sector, (ii) purchase of an additional stake of Long An Food Processing Export JSC ("Lafooco"), cashew processor, (iii) initial capex to set up a packaged rice business, (iv) purchase of additional stakes in its subsidiary Ben Tre Aquaproduct Import Export Joint Stock Co ("ABT"), and (v) acquisition contingency (the "Project").
Investment Description
Private Actors
PAN is an agribusiness conglomerate managing three businesses, namely aquaculture, seed and a legacy cleaning services. Its vision is to become a dominant regional multi-national corporation agribusiness and food conglomerate. PAN is the majority shareholder of Northern Seed Company (NSC) which, a producer and distributor of conventional rice, hybrid rice, glutinous corn, yellow corn and vegetable seeds, and will integrate Southern Seed Company (SSC) into this operation. PAN also controls a fully integrated aquaculture production in the Mekong Delta, namely ABT, with a pangasius production capacity of 10,000mt/year and white/brown clam (whole shell) sourcing volume of 5,000MT/year. PAN is also partially involved in the processing of packaged cashews, through Lafooco. Lafooco owns three factories in southern Vietnam and is the second largest cashew exporter in Vietnam with an annual capacity of 35,000 MT. PAN is 19.1% owned by the founding chairman Mr. Nguyen Duy Hung, a reputable Vietnamese businessman and his relatives and 20.9% by Saigon Securities Inc. and its associates. Other major shareholders include TAEL Two Partners Fund Limited (20%), a private equity fund based in Singapore and Mutual Fund Elite (10%), a Finland domiciled mutual equity fund licensed under the EU regulations and focusing on small to medium capitalized companies in Vietnam, China and Hong Kong; and Government of Singapore Investment Corporation (“GIC”, 4.7%), a sovereign wealth fund established by Singapore government in 1981.
Contact Information
Project Contact: Mr. Nguyen Van Khai Deputy Chief Operating Officer Pan Pacific Corporation 15th Floor, ICON4 Tower, 243A De La Thanh Street, Hanoi, Vietnam Tel: (+84-4) 3760 6190 E-mail: mailto:info@panpacific.vn IFC: General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384 E Mail: Webmaster ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/