The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has commited a US$8mn loan to Theodore Alexander Ltd and Saigon Fine Furniture. The two companies are the main manufacturing subsidiaries of Vietnam’s Paul Maitland International (PMI).
PMI is an innovative export company that specialises in high-quality furniture design and manufacturing. It is one of the largest furniture manufacturers in Southeast Asia and Vietnam. The IFC loan will help PMI expand its product lines and upgrade its facilities in Vietnam. In addition to providing financing, IFC will help PMI achieve wood certification for its plantation and entire wood supply chain.
“IFC wants to support international companies like PMI that are investing in frontier markets while striving to achieve good practices in their use of resources. This project promotes wood craftsmanship, where Vietnam has the competitive advantage of a skilled labor force” says IFC Vietnam country manager Sin Foong Wong.
PMI is a private company with manufacturing operations in Vietnam and distribution companies in Australia, Asia, Europe and the US. The company employs over 7,000 workers in Vietnam.