BINH DUONG Water Environment

What BINH DUONG Water Environment does

Binh Duong Water Environment (BIWASE) is a publicly listed Vietnamese water and environmental services company (HOSE: BWE), headquartered in Ho Chi Minh City with operations centered in Binh Duong province. The company provides regulated clean water supply, wastewater treatment, and solid waste management services, and — together with TDMWater — holds a monopoly position in clean water distribution across Binh Duong province. BIWASE operates 8 water treatment plants with combined capacity of 327,000 m³/day (third-largest water distributor in Vietnam) and over 4,000 km of pipeline infrastructure, alongside the Khu Lien Hop Waste Treatment Complex which processes 2,500+ tons/day of municipal solid waste and 300+ tons/day of industrial waste.

The business spans three integrated verticals: (1) regulated clean water distribution to residential, commercial, and industrial customers via the pipeline network, with tariffs set by the Binh Duong Provincial People's Committee (~5% annual increases authorized for 2018-2022); (2) municipal and industrial wastewater treatment, anchored by the Thu An plant (17,000 m³/day); and (3) integrated solid waste processing that combines waste-to-energy incineration (5MW capacity), organic composting (840 tons/day with planned expansion to 2,520 tons/day), and downstream recycled consumer products under the Con Voi brand (organic fertilizer and construction bricks from waste ash/sludge). The company also bottles drinking water under the I-ON Gold brand. Revenue mechanics are predominantly subscription-style recurring water tariffs, complemented by recycled product wholesale and renewable electricity sales.

BIWASE corporatized from the state-owned Công ty TNHH MTV Cấp thoát nước - Môi trường Bình Dương and listed on HOSE in 2016. It has expanded beyond its Binh Duong home base into Long An, Dong Nai, Binh Phuoc, Can Tho, and An Giang (Phu Quoc), supported by preferential ODA funding from ADB, JICA, the World Bank, and the Government of Finland, plus partnerships with German (CNIM MARTIN) and Japanese (Kobelco Eco-Solutions) technology providers. FY2020 revenue was 3,156 billion VND (+20% YoY) with 527 billion VND after-tax profit; FY2025 profit reached 899 billion VND, exceeding the annual plan by 40%. The company has been consecutively recognized by Forbes Vietnam among the Top 50 Best Listed Companies for five years through 2024.

Name

BINH DUONG Water Environment

Legal name

Công Ty Cổ Phần - Tổng Công Ty Nước - Môi Trường Bình Dương (BIWASE)

Website

https://biwase.com.vn

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

51–100 employees

Short description

Binh Duong Water Environment (BIWASE) is a publicly listed Vietnamese water and environmental services company (HOSE: BWE) providing regulated clean water supply, wastewater treatment, and integrated solid waste-to-resource processing to residential, industrial, and municipal customers across Binh Duong and adjacent provinces.

Ownership category

akta.pro rank

Product category

Water Utility and Environmental Services

NAICS

Water Supply and Irrigation Systems (221310), Sewage Treatment Facilities (22132), Waste Treatment and Disposal (56221)

SIC

Water Supply (4941), Sanitary Services (4950), Refuse Systems (4953)

akta.pro primary industry

Waste, Recycling & Circularity (On-site Programs) (BPABAAAL)

Keywords

• Water supply services
• Wastewater treatment
• Solid waste management
• Waste-to-energy generation
• Recycled construction materials

Headquarters

HQ city

Hai Duong

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Clean Water Supply and Distribution: BIWASE's primary revenue stream from treating and distributing clean water to residential, commercial, and industrial customers through its pipeline network. Water tariffs are regulated by provincial government with approved price increases of approximately 5% annually during 2018-2022 period.
2. Wastewater Treatment Services: Collection and treatment of sewage and industrial wastewater through municipal collection systems, serving urban areas and industrial zones.
3. Solid Waste Processing and Recycling: Processing of municipal solid waste including composting (fertilizer production) and waste-to-energy generation. Products include Con Voi organic fertilizer and Con Voi bricks made from recycled materials.
4. Bottled Water (Ion Gold): Production and sale of bottled purified water under the Ion Gold brand through retail and wholesale channels.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

BIWASE (Binh Duong Water - Environment) provides clean water supply and distribution, wastewater treatment, and solid waste management services across Binh Duong province and surrounding regions in Vietnam. The company operates an integrated environmental infrastructure platform with 8 water treatment plants totaling 327,000 m³/day capacity, a 4,000+ km pipeline network, and waste-to-energy facilities producing 5MW of electricity. It also produces and sells bottled water under the I-ON Gold brand, organic fertilizer (Con Voi), and recycled construction bricks made from processed waste.

Product overview

BINH DUONG Water Environment (BIWASE) operates a multi-service environmental platform consisting of core water infrastructure services and circular economy products. The main offerings include: water supply and distribution (Cấp nước), wastewater treatment (Xử lý nước thải), and solid waste treatment (Xử lý chất thải) as primary services. These are complemented by consumer products including bottled water I-ON Gold and recycled/remanufactured goods including Con Voi organic fertilizer and Con Voi recycled bricks. The company has expanded regionally with subsidiary companies and waste-to-energy power generation facilities. The portfolio integrates water and environmental services with downstream recycling and resource recovery operations.

Differentiator

Problem solved

Functional benefit

Brands

• I-ON Gold: Bottled drinking water product line marketed under the Biwase-Iongold.com domain.
• Con Voi
• Gạch BIWASE

Products and services

• Water Supply (Cấp nước) Clean water supply and distribution services providing treated water to residential, commercial, and industrial customers across Binh Duong province and surrounding areas through an 4,000+ km pipeline network with combined plant capacity of 327,000 m³/day.
• Wastewater Treatment (Xử lý nước thải) Wastewater treatment services for residential and industrial clients, operating treatment facilities including the Thu An Wastewater Treatment Plant with 17,000 m³/day capacity using modern Japanese technology.
• Solid Waste Treatment (Xử lý chất thải) Solid waste treatment services including waste sorting, organic composting at 840 tons/day capacity (expanding to 2,520 tons/day), and waste-to-energy incineration processing 2,500+ tons/day of municipal solid waste plus 300+ tons/day of industrial waste.
• I-ON Gold Bottled Water (Nước uống đóng chai I-ON Gold) Bottled purified drinking water product marketed as I-ON Gold, produced and distributed to households and businesses through retail and wholesale channels in Binh Duong and surrounding areas.
• Con Voi Organic Fertilizer (Phân Bón Con Voi) Organic fertilizer branded Con Voi (Elephant), produced from sorted and processed municipal solid waste containing necessary nutritional components for plant growth, sold to agricultural and farming customers.
• Con Voi Recycled Bricks (Gạch BIWASE Con Voi) Construction bricks made from waste sludge and incineration ash, mixed with additives, sold to construction and building sectors as a sustainable building material.
• Environmental Services (Dịch vụ môi trường) Comprehensive environmental management services including waste collection, treatment, and recycling solutions for municipal and industrial clients across operating regions.

Quantifiable outcome

• Serves 84.5% of Binh Duong province population with clean water
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• CNIM MARTINcoreTechnology or Integration · 27 June 2026German technology provider supplying waste incineration equipment for the Bai Bon Waste Treatment Complex in Phu Quoc. CNIM MARTIN will supply a 200 tons/day waste incineration system as part of BIWASE's 1,238+ billion VND infrastructure project. Previous collaboration included 500 tons/day waste-to-energy equipment.
• An Giang Province People's CommitteecoreStrategic or Co-development Partner · 24 September 2025Government partner selecting BIWASE as investor for two infrastructure projects serving APEC 2027 Economic Leaders Week in Phu Quoc: Ho Cu Can Water Plant and Bai Bon Waste Treatment Facility (250 tons/day capacity).
• CIMIM MARTINcoreTechnology or IntegrationEquipment supplier for the Phu Quoc waste-to-energy project, providing incineration technology for the Bai Bon waste processing facility.
• VietinBankminorStrategic or Co-development PartnerComprehensive cooperation agreement for banking services and financial support for infrastructure projects.
• TSK Group (Korea)minorStrategic or Co-development PartnerMOU signing in 2019 for potential cooperation in water and environment sector. Strategic partnership exploration.
• Kobelco Eco-Solutions (Japan)coreImplementation/ SI/ Consulting PartnerMain contractor for Thu An wastewater treatment plant construction, employing modern Japanese technology. Worked with subcontractor Cong Ty CP Xay Dung So 5 (Vietnam).
• WANNON (Australia)minorStrategic or Co-development PartnerAustralian water utility partnership through a twinning program to exchange expertise and knowledge in water management.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• TDMWater (Thu Dau Mot Water JSC): TDMWater is BIWASE's co-monopolist in clean water supply across Binh Duong province. Operating the same regulatory and geographic market, TDMWater is the closest direct peer in scale, business model and customer base.
• VIWASEEN (Vietnam Water Supply and Environment JSC): VIWASEEN operates across water supply, wastewater and environmental services for Vietnamese provinces and industrial parks. Its vertically integrated water-environment portfolio closely mirrors BIWASE's municipal-plus-industrial model.

Broad incumbents

• Saigon Water Supply Corporation (SAWACO): SAWACO is Vietnam's largest urban water utility, serving Ho Chi Minh City. It is a broader incumbent in the same regulated municipal water utility space and offers a benchmark for tariff structure, capex scale and listed water-utility economics.
• Beijing Enterprises Water Group: Beijing Enterprises Water is one of China's largest water-environment platforms spanning municipal water, wastewater and waste-to-energy. Useful incumbent comparable for BIWASE's circular-economy direction and project-pipeline economics.

Regional players

• Dong Nai Water Supply JSC (DNW): Dong Nai Water is a regional Vietnamese water utility in adjacent Dong Nai province, in which BIWASE holds a 17.7% strategic stake. Comparable in regulated municipal water distribution model and adjacent geography.
• Can Tho Water Supply and Sewerage JSC: Can Tho Water operates municipal water supply and sewerage in Can Tho city, where BIWASE has acquired minority stakes in two local water companies. Comparable regulated utility model in a different Vietnamese province.
• Manila Water Company: Manila Water operates the east zone concession of Metro Manila's water system with regulated tariffs and expansion into environmental services. Closest Southeast Asian peer for a regulated-utility-plus-environmental-services business model.
• Thai Tap Water Supply (TTW): Thai Tap Water is a listed Thai water utility with provincial concessions and regulated tariffs. Provides a regional listed-utility benchmark for tariff escalation, returns and concession economics.

Emerging players

• China Water Affairs Group: China Water Affairs is a Hong Kong-listed integrated water utility with municipal concessions and water-environment projects. Useful comparable for water-plus-environment utility economics and project-financing structures in Asia.
• Vietnam Waste Solutions (VWS): VWS operates industrial and municipal waste management in southern Vietnam, including landfill and treatment capacity. Adjacent peer for the solid-waste processing and waste-to-energy segment that BIWASE is scaling via the 840 tons/day compost and 5MW WtE complex.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chi-nhanh-nuoc-thai-thu-dau-mot-biwase

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BINH DUONG Water Environment