Thien Minh travel offers tourists with rock climbing on The Face Mountian in northern Ha Long Bay.— Photo theaustralian.com.au

HA NOI (Biz Hub) — IFC, a member of the World Bank Group, announced on May 5 that it is financing the expansion of the Thien Minh Group's hospitality business with US$14 million equity investment.

According to IFC, the financing will help the company realise its long-term strategic plan of expanding its tour operating business, developing its hotel chains across Vietnam and boosting the local tourism sector, all of which will contribute to economic diversification, sustainable growth and jobs creation.

"This investment deepens our partnership with IFC," said Tran Trong Kien, Chief Executive Officer of the Thien Minh Group. "IFC's 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, the Thien Minh Group has grown from a tour operator into a leading privately owned integrated travel group with three main tour companies, an online booking company, 11 three- and four-star hotels and a hotel management company. The group brings more than 90,000 tourists to the Southeast Asia region and receives more than 200,000 visitors at its own hotels annually.

As one of Southeast Asia's favorite leisure tourism destinations, Vietnam's tourism industry has huge growth potential. Neighbours Malaysia and Thailand receive about 25 and 20 million inbound tourists, respectively, every year compared with Viet Nam's six million.

In pursuit of a green and sustainable tourism business, the 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 other similar buildings.

"We're excited to support the Thien Minh Group as a company which has grown 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. "The Thien Minh Group is showing the way for other entrepreneurs and private sector companies in Vietnam and setting standards by adopting international best practices in governance, operations and sustainability." — VNS