Gelex

What Gelex does

GELEX Group Joint Stock Company (HOSE: GEX), founded in 1990 and headquartered in Hanoi, Vietnam, is a publicly listed investment holding company operating across four business segments: electrical equipment, industrial parks and real estate, construction materials, and energy and clean water. The group controls a portfolio of operating subsidiaries including GELEX Electricity, GELEX Infrastructure, THIBIDI (transformers), CADIVI (cables), EMIC (measuring instruments), CFT (copper wire), MEEPOWER, GETC, VIWASUPCO, and a majority stake in Viglacera (construction materials), with nearly 10,000 employees across the ecosystem.

The company manufactures the full electrical value chain from transmission to distribution, including THIBIDI-branded amorphous metal energy-saving distribution transformers and CADIVI power cables, alongside GELEX-EMIC smart energy electronic meters for grid applications. It has deployed a Digital Transformation Strategy through 2030 (developed in partnership with FPT Digital over 15 months) targeting a digital maturity score improvement from 2.23 to 3.34, and operates the iHRP platform unifying HR operations across member companies.

GELEX generates revenue through four streams: electrical equipment manufacturing and distribution (hardware sales, with multiple brands holding No. 1 Vietnam market share), industrial parks and real estate development (over 20 years of experience and a 1,900-hectare land bank including the Industrial Park No. 01 Hung Yen project with groundbreaking targeted for June 2026), green construction materials via Viglacera, and renewable energy assets approaching 300MW across one solar and five wind projects. Key customers include Vietnam Electricity (EVN), utilities, government entities, and domestic and international industrial park tenants; consolidated Q1 2026 revenue reached VND 10,722 billion, up 35.4% YoY, with the electrical equipment segment as the primary growth driver.

Name

Gelex

Legal name

Công ty Cổ phần Tập đoàn GELEX

Website

https://gelex.vn

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

GELEX Group (HOSE: GEX) is a Vietnamese publicly listed investment holding company operating across electrical equipment manufacturing, industrial parks and real estate, construction materials, and renewable energy, serving B2B utilities, government entities, and manufacturers across Vietnam through subsidiaries THIBIDI, CADIVI, EMIC, and Viglacera.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Electrical Equipment Manufacturing and Distribution: Production and supply of a full range of products in the electrical equipment value chain from transmission to distribution and civilian use, with multiple brands holding No. 1 market share in Vietnam.
2. Industrial Parks and Real Estate Development: Over 20 years of experience developing industrial parks in Vietnam, attracting global technology companies with green industrial park projects. Site clearance underway for Industrial Park No. 01 Hung Yen (breakthrough June 2026), and invested in 1,900 hectares of new industrial parks.
3. Construction Materials: Leading the market with a green construction materials product ecosystem, applying modern technology, serving as a source of inspiration for innovation in architecture and interior design. Includes Viglacera Corporation as a major member.
4. Energy and Clean Water: Developing renewable energy solutions and clean water to serve community and economic needs. GELEX owns 1 solar power project (preferential price VND 2,086/kWh) and 5 wind power projects (preferential price VND 1,927/kWh). Total energy portfolio approaching 300MW.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

GELEX Group is a Vietnamese investment holding company that manufactures and supplies a full range of electrical equipment (transformers, power cables, smart meters, electrical measuring instruments) through member companies including THIBIDI, CADIVI, and EMIC; develops industrial parks and real estate projects with over 20 years of experience and a 1,900-hectare land bank; produces green construction materials through affiliate Viglacera; and develops renewable energy (solar and wind power projects approaching 300MW) and clean water solutions. The group operates across the entire electrical value chain from transmission to distribution and civilian use, with multiple brands holding No. 1 market share in Vietnam.

Product overview

GELEX is a Vietnamese investment group operating across four core business areas: Electrical Equipment (manufacturing and supplying full product range in the electrical value chain including transformers, cables, smart meters), Industrial Parks and Real Estate (developing industrial zones and commercial properties), Construction Materials (producing green building materials through Viglacera), and Energy and Clean Water (renewable energy and water solutions). The group operates through subsidiaries including THIBIDI (electrical equipment), GELEX Infrastructure, CADIVI (electric cables), EMIC (electrical measuring instruments), and affiliates like Viglacera. The company also implemented the iHRP platform for unified human resource management across its ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Electrical Equipment Production and supply of a complete range of products across the electrical value chain from transmission to distribution and civilian use, including transformers (THIBIDI brand), power cables (CADIVI brand), and smart meters/electrical measuring instruments (EMIC brand). Multiple brands hold No. 1 market share in Vietnam. Customers include Vietnam Electricity (EVN) and other utilities, industrial enterprises, and government entities.
• Industrial Parks and Real Estate Industrial park development with over 20 years of experience in Vietnam, including green industrial park projects that have successfully attracted global technology companies. Includes factory leasing, worker housing, social housing development, and real estate. Total industrial park land bank includes 1,900 hectares of new industrial park investments through Viglacera and member companies.
• Construction Materials Leading the market with a green construction materials product ecosystem, applying modern technology to serve as a source of innovation in architecture and interior design. Operated through Viglacera Corporation (VGC on HOSE) as a major affiliate.
• Energy and Clean Water Renewable energy solutions and clean water to serve community needs and the economy. Includes 1 solar power project (VND 2,086/kWh preferential price) and 5 wind power projects (VND 1,927/kWh preferential price), with total energy portfolio approaching 300MW. Also includes clean water solutions through VIWASUPCO.
• Smart Grid Solutions Smart grid solutions including smart energy electronic meters registered as the GELEX-EMIC trademark and amorphous metal energy-saving distribution transformers branded THIBIDI. Designed for power utilities and grid operators requiring smart grid modernization, energy efficiency, and reliable power distribution.

Quantifiable outcome

• 35.4% year-on-year revenue growth to VND 10,722 billion in Q1 2026
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• FPT DigitalcoreImplementation/ SI/ Consulting Partner · 1 January 2025FPT Digital served as the consulting partner for GELEX's 15-month Digital Transformation Strategy and Roadmap Development project. The project assessed GELEX's development strategy, governance, operations, business and manufacturing activities, IT infrastructure, and cybersecurity across departments and member companies, resulting in GELEX's digital transformation strategy through 2030.
• EYmajorImplementation/ SI/ Consulting Partner · 1 January 2025EY listed as a partner of GELEX, appearing in the Partners section of the GELEX website alongside other major international partners.
• Roland BergermajorStrategic or Co-development Partner · 1 December 2024Roland Berger listed as a partner of GELEX, appearing in the Partners section of the GELEX website.
• AccorHotelsminorStrategic or Co-development Partner · 1 December 2024AccorHotels listed as a partner of GELEX, appearing in the Partners section of the GELEX website.
• Holley GroupminorStrategic or Co-development Partner · 1 December 2024Holley Group listed as a partner of GELEX, appearing in the Partners section of the GELEX website.
• FrasersmajorStrategic or Co-development Partner · 1 October 2024Frasers listed as a partner of GELEX, appearing in the Partners section of the GELEX website alongside other major international partners.
• SembcorpmajorStrategic or Co-development Partner · 1 October 2024Sembcorp listed as a partner of GELEX, appearing in the Partners section of the GELEX website alongside other major international partners.
• FPTmajorStrategic or Co-development Partner · 1 October 2024FPT listed as a partner of GELEX, appearing in the Partners section of the GELEX website alongside other major international partners.
• EDF RenewablesminorStrategic or Co-development Partner · 1 May 2022EDF Renewables discussed strengthening cooperation in renewable energy with GELEX. Southeast Asia Director Yalim Ozilhan represented EDF Renewables, noting GELEX's energy portfolio approaching 300MW.

Scale indicators9 records

Recent moves10 records

Expansion highlights7 records

Broad incumbents

• Vingroup: Vietnam's largest private conglomerate spanning real estate, industrials, retail, and technology. Comparable as a diversified Vietnamese industrial/infrastructure group with deep domestic reach and a similar multi-sector strategy, though with a heavier consumer orientation.
• Hoa Phat Group: Largest Vietnamese industrial conglomerate with steel, construction materials, and real estate lines. Comparable to GELEX in its diversified industrial footprint, domestic market leadership, and publicly listed holding-company structure serving infrastructure and construction demand in Vietnam.
• Masan Group: Vietnamese listed conglomerate with consumer, retail, and industrial businesses. Comparable as a publicly listed Vietnamese diversified industrial group with multiple subsidiaries and a focus on transforming into a higher-value industrial ecosystem.

Regional players

• HD Hyundai Electric: Korean electrical equipment manufacturer specializing in transformers, switchgear, and rotating machines. Comparable to THIBIDI and CADIVI within GELEX's portfolio, but operating globally with substantially larger scale.
• Vietnam Electricity (EVN) related suppliers - e.g., LS Electric (formerly LSIS): Korean electrical equipment and smart grid solutions supplier with a strong presence in Vietnam, including supplying EVN. Comparable to GELEX through overlapping product lines (switchgear, smart meters, power systems) and similar customer base in Vietnamese utilities.
• Doosan Enerbility: Korean listed manufacturer of power-generation and grid equipment. Comparable to GELEX in electrical equipment manufacturing exposure (turbines, transformers, power systems), though focused on Korean/global markets rather than Vietnam.

Direct peers

• Frasers Property (Frasers): Singapore-based real estate and industrial park developer with significant Vietnam exposure. Directly comparable to GELEX's industrial parks business and listed as a strategic partner, both investing in green industrial developments.
• Sembcorp Industries: Singapore-listed industrial conglomerate focused on industrial parks and urban development across Vietnam and Southeast Asia. Directly comparable to GELEX's industrial parks and real estate segment, and an actual strategic partner listed on GELEX's website.
• Viglacera Corporation (VGC): Vietnamese construction materials and industrial park developer that is itself a majority-owned affiliate of GELEX Group. Listed as a subsidiary here, but as a HOSE-listed entity it is a direct comparable in green building materials and industrial parks.

Emerging players

• ACEN Corporation: Philippines-listed renewable energy platform with growing Vietnam and Southeast Asia renewables exposure. Comparable to GELEX's renewable energy segment (solar/wind approaching 300MW) with similar focus on greenfield renewables development in ASEAN.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Customer concentration

• YouTubeyoutube.com/@gelexgroup
• Facebookfacebook.com/gelexcorporation
• LinkedInlinkedin.com/company/gelex-holdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors2 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 Gelex