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IFC invests $75 mn in Vietnamese property firm Phu My Hung

IFC Phu My Hung

The International Finance Corporation (IFC), which is a member of the World Bank Group, has invested $75 million in Vietnam-based property firm Phu My Hung Development Corporation, according to reports in local media.

The funds will help the firm weather the coronavirus pandemic, which has pushed the global economy into recession. The pandemic has resulted in lesser sales, suppliers as well as contractors.

The funds from IFC will also help Phu My Hung provide financial help to its clients, suppliers, and contractors along the property value chain.

According to IFC, the funds will help the property firm to help preserve jobs and contribute to a resilient local economy.

Mr. Gary Tseng, General Director of Phu My Hung told the local media “Domestic enterprises are the region that creates the most jobs, contributing to boosting economic growth. In the context of COVID-19, IFC’s loan will allow We extend support to our customers, which helps create a symbiotic ecosystem where we have mutually supportive solutions to jointly support the economic recovery process after the COVID crisis- 19.”

Phu My Hung’s services are mainly available in Ho Chi Minh City. The company also leases offices and retail space to more than 300 businesses, mostly small and medium enterprises (SME).

Last month, Propzy, another Vietnam-based startup that guides consumers through the entire process of a real estate transaction, announced it has secured around$25 million in its  Series A funding round.

The round was led by Gaw Capital and SoftBank Ventures Asia, the early-stage venture arm of SoftBank Group. Other investors included Next Billion Ventures, RHL Ventures, Breeze, FEBE Ventures, RSquare and Insignia.

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