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Summary of proposed guarantee

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.


Project name
Ma San Group Consumer Products Expansion Project
Project ID
Fiscal year
Guarantee holder
JPMorgan Chase Bank N.A. (Hong Kong branch)
Investor country
United States
Host country
Environmental category
Date SPG disclosed
May 13, 2013
Project Board date
June 18, 2013
Gross exposure
 $190.0 million
Project type
Strategic priority area

This summary covers a non-shareholder loan by the Hong Kong branch of JPMorgan Chase Bank N.A. (JPM) of the United States and other financial institutions yet to be identified. JPM will act as the facility agent for the expansion and improvement of Ma San Group’s consumer products business in Vietnam and has applied for a MIGA guarantee of $190 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance. The guarantee covers a $150-million loan to refinance existing debt and general corporate purposes (including investments in fixed assets) in addition to an estimated $40 million for associated interest and other financing costs.

The proposed project will help Ma San Group Corporation underpin its current consumer products operations in Vietnam, diversify its products portfolio, and increase its production capacity in the food and beverage retail sectors.

The International Finance Corporation (IFC) is also supporting this expansion project with a proposed investment of up to $150 million.

Environmental Categorization

The project is a category B under MIGA’s Policy on Social and Environmental Sustainability. Click here to view the Environmental and Social Review Summary prepared by the International Finance Corporation for their investment in the project.

Development Impact

The proposed project’s expected development impacts include increased food security and safety, job creation, significant tax revenues, and improved environmental and social standards.

The proposed project will also benefit small and medium enterprises (SMEs), as the company currently purchases raw fish sauce from 40 traders who in turn source from over 100 producers.  Its products are sold by 130,000 SME retailers through 100 independent SME distributors operating in all 64 cities and provinces of Vietnam. 

The proposed project is in line with the World Bank Group’s strategy to support private sector growth through IFC lending and MIGA guarantees.

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