What DNP does

DNP Holding (HNX: DNP) is a Vietnamese diversified industrial conglomerate, established in 1976 as a state-owned enterprise, corporatized in 2004, and listed on the Hanoi Stock Exchange since 2006. On December 24, 2025, DNP became a subsidiary of CTCP Tasco through Tasco Investment LLC. The company operates across five core business segments: (1) clean water supply and environmental services via DNP Water, operating 30+ water treatment plants across 10 provinces with 1 million m³/day designed capacity serving 470,000-600,000 customers; (2) plastic pipe manufacturing (HDPE, uPVC, PPR) through Đồng Nai Plastics, the #1 plastic pipe brand for water infrastructure in Vietnam; (3) premium consumer household goods via the Inochi brand under Tân Phú Việt Nam, exporting to 20 countries; (4) ceramic and granite building materials via CMC, the #1 granite tile producer in Vietnam; and (5) flexible and rigid packaging manufacturing with 48,000 tons/year combined capacity.

DNP's technology portfolio spans water treatment and distribution infrastructure (including Vietnam's first inter-regional raw water project connecting Đồng Tháp, Tây Ninh, and Vĩnh Long with 300,000 m³/day Phase 1 capacity), proprietary granite tile processes (salt permeation and micro diamond crystal), and smart water metering/automation through DNP Hawaco, which holds 56-60% market share in Vietnam's water meter segment. Hawaco integrates technology from global partners including Itron (exclusive distribution), Siemens (control systems), Xylem (water treatment), Willo (pumps), and Tecofi (valves). The company holds three Vietnam National Brand certifications (Đồng Nai Plastics, CMC, Inochi).

Revenue is generated through multiple streams: usage-based pricing for water supply (1,478 billion VND in 2025), hardware sales of plastic pipes and infrastructure materials (3,635 billion VND), building materials (2,114 billion VND), flexible and rigid packaging (1,430 billion VND), and consumer products (847 billion VND). Consolidated 2025 net revenue reached 9,504 billion VND (up 6.8% YoY) with pre-tax profit of 365 billion VND (up 59.3% YoY), and the 2026 AGM target is 10,812 billion VND. Distribution combines direct enterprise sales (FMCG packaging customers Coca-Cola, PepsiCo, Nestlé, P&G; real estate developers Masterise, Nam Long), distributor networks covering all 34 Vietnamese provinces, modern trade retail for Inochi consumer goods, and international export channels to the US, Australia, Europe, and Asia.

Name

DNP

Legal name

Công ty Cổ phần DNP Holding

Website

https://dnpcorp.vn

Company type

Public

Founded year

1976

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

DNP Holding is a Vietnamese diversified industrial conglomerate operating across five segments: clean water supply, plastic pipes, premium consumer goods (Inochi), building materials (CMC), and packaging — serving government utilities, FMCG enterprises, real estate developers, and retail consumers across Vietnam and 20 export markets.

Ownership category

akta.pro rank

Product category

Diversified Industrial Manufacturing

NAICS

Water Supply and Irrigation Systems (22131), Pump and Compressor Manufacturing (33391), Measuring, Dispensing, and Other Pumping Equipment Manufacturing (333914), Fluid Power Valve and Hose Fitting Manufacturing (332912)

SIC

Water Supply (4941), Pumps & Pumping Equipment (3561), General Industrial Machinery & Equipment (3560)

akta.pro primary industry

Plumbing & Building Drain/Waste/Vent (DWV) Pipe & Fittings (IMANADAG)

akta.pro secondary industry

Direct Potable Reuse (DPR) Utilities (Advanced Treatment & Blending) (EUANAGAC)

Keywords

• Water infrastructure services
• Plastic pipe manufacturing
• Ceramic tile production
• Packaging manufacturing
• Household consumer goods

Headquarters

HQ city

Biên Hòa

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Water Supply and Environment: Revenue from clean water production and distribution through DNP Water subsidiary operating 30+ water treatment plants across Vietnam. Also includes wastewater treatment services. Revenue in 2025: 1,478 billion VND.
2. Plastic Pipes and Infrastructure Materials: Revenue from manufacturing and selling HDPE, uPVC, PPR pipes and accessories for water infrastructure, construction, and agricultural irrigation. Includes DNP Hawaco water meter and equipment business. Revenue in 2025: 3,635 billion VND.
3. Premium Consumer Products (Inochi): Revenue from Inochi branded household goods including storage containers, kitchenware, thermal products, ceramic items, and baby care products (Aoi brand). Distributed through modern trade, traditional trade, and export markets. Revenue in 2025: 847 billion VND.
4. Building Materials (CMC): Revenue from CMC branded ceramic tiles, granite tiles, decorative tiles, and glazed roofing tiles for residential, commercial, and industrial construction. Revenue in 2025: 2,114 billion VND.
5. Flexible and Rigid Packaging: Revenue from manufacturing flexible packaging (shopping bags, food bags, zipper bags) and rigid packaging for food, beverages, cosmetics, chemicals, and pharmaceuticals. Export to US, Australia, Germany, UK, France, Netherlands. Revenue in 2025: 1,430 billion VND.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels4 records

Core offering

DNP Holding is a diversified Vietnamese industrial conglomerate that manufactures and supplies clean water and water infrastructure services, plastic pipes (HDPE, uPVC, PPR), premium household goods (Inochi brand), flexible and rigid packaging, ceramic and roofing tiles, and water industry equipment including meters, pumps, valves, and automation/SCADA systems. Revenue is generated through five integrated business segments operated by its subsidiaries (DNP Water, Đồng Nai Plastics, Inochi/Tân Phú Việt Nam, CMC, DNP Hawaco) across Vietnam and 20+ export markets.

Differentiator

Problem solved

Functional benefit

Brands

• DNP Water: Leading private water investment company in Vietnam, owning and operating over 30 water factories with total design capacity of 1,000,000 m³/day, serving over 600,000 customers.
• Đồng Nai Plastics
• Inochi
• CMC
• Tân Phú Việt Nam
• DNP Hawaco
• Aoi

Products and services

• Clean Water Supply and Treatment (DNP Water) Clean water production, treatment, and distribution to residential, commercial, and industrial customers across 10 provinces in Vietnam through 30+ water treatment plants with 1 million m³/day designed capacity, serving 470,000–600,000 customers. Includes wastewater treatment services.
• Plastic Pipes and Fittings (Đồng Nai Plastics) HDPE, uPVC, and PPR plastic pipes and smart accessories for water supply and drainage infrastructure, civil construction, agricultural irrigation, and water management. Production capacity of 60,000 tons/year across all 34 provinces of Vietnam.
• Inochi Premium Household Goods Premium household plastic goods, thermal products, cookware, ceramics, kitchenware, and storage containers featuring Japanese-influenced design. Manufactured using Tritan, virgin PP, PPSU, ceramic, and glass materials. Distributed through modern trade, traditional trade, e-commerce, and exclusive Inochi Studio retail locations across Vietnam and exported to 20+ countries.
• Inochi Aoi Baby Care Products Baby bottles, nipples, and accessories under the Aoi sub-brand, part of Inochi's maternal and baby care product ecosystem meeting the strictest international quality standards.
• CMC Ceramic and Granite Tiles Premium ceramic wall and floor tiles, granite tiles (Prato brand), decorative tiles, and glazed roofing tiles (CMC Galaxy). Manufactured using proprietary salt permeation and micro diamond crystal technology. Total production capacity of 26 million m²/year. Leading position in Vietnam's premium granite tile segment.
• Flexible and Rigid Packaging (Tân Phú Việt Nam) Flexible packaging (shopping bags, food bags, zipper bags) with capacity of 30,000 tons/year, and rigid packaging (bottles, containers) with capacity of 18,000 tons/year for food, beverage, cosmetics, chemicals, and pharmaceutical industries. Manufacturing meets European standards; exports to US, Australia, Germany, UK, France, Netherlands, and Belgium.
• DNP Hawaco Water Industry Equipment and Technology Solutions Water meters (Itron — world's #1 brand — distributed exclusively in Vietnam), pumps (Willo — Top 3 global brand), Siemens control electronics and SCADA systems, Xylem water treatment technologies, and Tecofi valves. Over 500 strategic customers. Includes localized manufacturing and integration of automation solutions.
• DNP-Song Tien Inter-Regional Raw Water Supply Inter-regional raw water supply serving Đồng Tháp, Tây Ninh, and Vĩnh Long provinces with Phase 1 capacity of 300,000 m³/day. Addresses salinity intrusion and freshwater scarcity in the Mekong Delta region. Initial wholesale price set at 3,500 VND/m³.
• DNP Son Thanh Water Factory Water treatment plant serving Nha Trang city and surrounding areas in Khánh Hòa province with Phase 1 capacity of 25,000 m³/day.

Quantifiable outcome

• Water loss rate maintained at 10.77%, lower than industry average
• +3 more outcomes

Named customers11 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• Viettel ConstructioncoreStrategic or Co-development Partner · 22 July 2025Comprehensive strategic cooperation agreement signed July 22, 2025 between Viettel Construction, Thăng Long General Corporation, and DNP Holding. The partnership aims to develop infrastructure and environmental projects, combining expertise in construction, water infrastructure, and civil engineering.
• Tổng Công ty Thăng LongcoreStrategic or Co-development Partner · 22 July 2025Comprehensive strategic cooperation agreement signed July 22, 2025. Thăng Long brings over 50 years of transportation infrastructure expertise. Partnership aims to develop infrastructure and environmental projects as a consortium.
• Itron (US)coreTechnology or IntegrationDNP Hawaco is exclusive distributor in Vietnam for Itron water meters - the world's #1 water meter brand. Itron provides smart water metering technology and solutions.
• Willo (Germany)coreTechnology or IntegrationDNP Hawaco is exclusive distributor in Vietnam for Willo pumps - Top 3 global pump brand. Provides pumping solutions for water infrastructure.
• Siemens (Germany)coreTechnology or IntegrationDNP Hawaco integrates Siemens electrical control systems and digital platforms for water infrastructure automation and digital transformation solutions.
• Xylem (US)coreTechnology or IntegrationDNP Hawaco integrates Xylem's core water treatment technologies - world leader. Provides water treatment solutions for infrastructure projects.

Scale indicators20 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Aliaxis Group: Privately held Belgian-headquartered global leader in plastic pipe systems for water supply, drainage, and irrigation — comparable to Đồng Nai Plastics at the global product-category level, providing an international benchmark for technology, scale, and end-market positioning.
• Đồng Tâm Group: Established Vietnamese ceramic tile and construction-materials producer competing directly with CMC across floor/wall tiles and finishing materials, with overlapping distribution into real-estate developers and construction projects across Vietnam.
• An Phat Holdings (APH): HNX-listed Vietnamese plastic manufacturer spanning packaging, building products, and engineered materials — directly comparable in geographic footprint, plastic-rigid-and-flexible packaging business, and Vietnamese listed-equity scale.
• Viglacera Corporation (VGC): HOSE-listed state-owned Vietnamese producer of ceramic tiles, sanitary ware, and construction materials — direct competitor to CMC across wall/floor tiles and construction finishing products with overlapping real-estate-developer customer base.
• Nhựa Tiền Phong Plastic Joint Stock Company (NTP): HOSE-listed Vietnamese plastic pipe manufacturer with broad uPVC/HDPE product lines serving water infrastructure, construction, and irrigation — the closest national competitor to Đồng Nai Plastics in product breadth and end-market coverage.
• Bình Minh Plastic Joint Stock Company (BMP): Vietnam's leading uPVC pipe manufacturer (HOSE-listed), most direct domestic competitor to Đồng Nai Plastics across plastic infrastructure pipes. Comparable in product mix, distribution model across Vietnamese provinces, and target customer (construction contractors, water utilities).

Broad incumbents

• Veolia Environnement: Paris-listed global leader in water utility operations, water treatment services, and environmental solutions — provides the international benchmark for DNP Water's concession-based utility model and inter-regional raw water platform ambitions.
• Xylem Inc. NYSE-listed global water-technology leader in pumps, treatment, and smart metering — comparable to DNP Hawaco's integrated water-equipment and smart-metering offering, and actual technology partner of DNP Hawaco.
• SCG (Siam Cement Group): Thailand-listed diversified industrial conglomerate across cement-building materials, chemicals, packaging, and consumer goods — closest structural analogue to DNP's diversified-business model in Southeast Asia, with comparable revenue scale and segment breadth.

Emerging players

• Lock&Lock Co., Ltd. Korean-listed global consumer goods brand specializing in premium household containers and kitchenware — the most direct international analogue to Inochi's premium Japanese-styled household products positioned across Asian retail and export channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/dnpcorpvn
• LinkedInlinkedin.com/company/dnp-corp-vn

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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 DNP