Seaprodex Refrigeration Industry

What Seaprodex Refrigeration Industry does

Seaprodex Refrigeration Industry JSC (trading as Searefico, HOSE: SRF) is a Vietnamese industrial engineering and construction holding company founded in 1977 and headquartered in Ho Chi Minh City. Operating through six subsidiaries (Searefico E&C, Searee, Arico, Greenpan, Phoenix Energy & Automation, and Seareal), the group delivers integrated mechanical and electrical (MEP) engineering, industrial refrigeration and cold storage, PIR insulation panel manufacturing, renewable energy solutions, and industrial real estate development. Its customer base is concentrated in Vietnamese enterprise clients across hospitality (Sheraton Saigon, Park Hyatt Saigon, Sun Group resorts), commercial and residential real estate developers (Vingroup/Vinhomes, Novaland, Masterise Homes, CEO Group), food and beverage processors (Vinamilk, Masan), and pharmaceutical manufacturers (DHG Pharma's EU-GMP facility).

Searefico's core technology stack combines M&E and refrigeration engineering with proprietary manufacturing capabilities, including the 2bGP PIR (Polyisocyanurate) insulation panel technology with a 50% plant-based composition certified to FM, CE, and UL standards for European and US markets, and ultra-low temperature cold storage systems (-25°C) with smart warehouse automation. Production capacity at Greenpan reaches approximately 80,000 m² of PIR panels per year. The group holds long-tenured strategic Japanese shareholders Taisei Oncho (~25.5%) and Sanyo Vietnam (~20.1%), which provide technical credibility, potential technical transfer, and access to Japanese-funded projects in Vietnam and Southeast Asia (Cambodia, Laos, Myanmar, India).

The business model is primarily project-based EPC (Engineering, Procurement, Construction) contracting secured through competitive tendering with major developers and investors, with individual contract values ranging from tens to over 400 billion VND (the Luxnam Resort & Spa Phu Quoc contract) and contract pipelines exceeding 1,000 billion VND in single quarters. Revenue is complemented by hardware sales of PIR panels, recurring income from industrial real estate (warehouse leasing, industrial parks at Phu An Thanh and Hoa Khanh), and an emerging renewable energy line via Phoenix Energy & Automation. Searefico exited HOSE stock surveillance on April 16, 2026 following recovery from a 2022 after-tax loss of 141 billion VND, and has since divested Arico to a Japanese partner while establishing new Smart Logistics and Industrial Asset subsidiaries to extend its value chain into logistics and recurring real estate revenue.

Name

Seaprodex Refrigeration Industry

Legal name

Công ty Cổ phần Searefico

Website

https://searefico.com

Company type

Public

Founded year

1977

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Searefico (HOSE: SRF) is a Vietnamese EPC and industrial engineering holding company founded in 1977, operating six subsidiaries that deliver MEP contracting, industrial refrigeration, PIR insulation panels, renewable energy, and industrial real estate to enterprise clients across hospitality, real estate, food processing, and pharmaceutical sectors in Vietnam.

Ownership category

akta.pro rank

Product category

Mechanical & Electrical Engineering and Industrial Refrigeration Contracting

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Misc Industrial & Commercial Machinery & Equipment (3590)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

Keywords

• M&E engineering contracting
• Industrial refrigeration systems
• EPC construction services
• PIR insulation panels
• Green building materials

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. M&E Engineering and Construction: Design, supply, installation and maintenance of mechanical and electrical systems for commercial and industrial buildings including hotels, hospitals, offices and residential complexes. This has been the traditional core business generating the majority of revenue.
2. Industrial Refrigeration: Cold storage solutions, food processing refrigeration, smart warehouses, and blast freezing equipment for seafood, agricultural, and food processing industries
3. PIR Panel Manufacturing: Production of PIR insulation panels using 2bGP technology for green building construction, with capacity of approximately 80,000 m2 per year
4. Real Estate and Industrial Property: Management and development of industrial real estate including warehouse leasing, logistics facilities, and industrial park developments (Phú An Thạnh, Hòa Khánh)
5. Renewable Energy Solutions: Solar energy projects, green energy solutions, and automation systems for cold storage facilities

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Searefico delivers Engineering, Procurement, and Construction (EPC) services for mechanical and electrical systems, industrial refrigeration and cold storage solutions, PIR insulation panel manufacturing, smart warehouse automation, and renewable energy integration. The company operates as a total contractor serving hotels, hospitals, industrial facilities, residential complexes, food processing plants, and pharmaceutical manufacturers through its ecosystem of six subsidiaries. Contracts typically range from tens of billions to over 400 billion VND per project, executed through competitive tendering with major developers and investors.

Product overview

Searefico is a diversified industrial engineering and technology group structured as a holding company with multiple subsidiaries. The core portfolio consists of: Searefico E&C serving as the primary MEP contracting arm; Searee providing industrial refrigeration and cold storage solutions in Central Vietnam; Greenpan manufacturing PIR insulation panels using 2bGP technology for green construction; and Seareal managing industrial real estate. The company operates across six business lines: EPC general contracting, industrial refrigeration (cold chain systems, cold storage, blast freezers), new construction materials (PIR panels), renewable energy solutions, industrial real estate, and financial investment. The ecosystem enables integrated service delivery combining MEP installation, cold chain systems, smart warehousing, and green building materials for industrial and commercial projects.

Differentiator

Problem solved

Functional benefit

Brands

• Searefico E&C: Công ty Cổ phần Kỹ thuật và Xây dựng Searefico - core MEP engineering and construction subsidiary serving as main mechanical and electrical contractor for major projects
• Searee
• Greenpan
• Seareal

Products and services

• PIR Insulation Panels (Panel PIR cách nhiệt) Polyisocyanurate (PIR) insulation panels manufactured using proprietary 2bGP technology for thermal insulation in cold storage facilities, industrial buildings, and green construction projects. Panels contain 50% plant-based composition including soy and palm oil derivatives, certified with FM, CE, and UL marks for European and US markets. Production capacity approximately 80,000 m²/year.
• Industrial Cold and Refrigeration Systems (Lạnh công nghiệp) Industrial refrigeration and cold chain solutions including food processing cold systems, cold storage warehouses, blast freezing equipment, and smart automated warehouses for seafood, agricultural, and food processing facilities. Operates through Searee (Central Vietnam) and Arico subsidiaries.
• EPC General Contracting (Tổng thầu EPC) Engineering, Procurement, and Construction (EPC) total contractor services integrating building, electrical-mechanical systems, automation production lines, smart warehouses, and technology systems for various industrial and commercial projects. Delivered through Searefico E&C subsidiary.
• MEP Engineering Services (Hệ thống Cơ điện) Mechanical, Electrical, and Plumbing engineering services including HVAC systems, fire alarm systems, electrical systems, and water supply/drainage for commercial and industrial buildings. Past projects include Sheraton Saigon, Park Hyatt Saigon, Vinhomes, and Sun Group resorts.
• Smart Warehouse and Cold Chain Logistics Solutions Automated intelligent cold storage and logistics solutions including smart inventory management, automated material handling, and cold chain logistics optimization for food processing, seafood, and pharmaceutical industries.
• Renewable Energy Solutions (Năng lượng tái tạo) Green energy solutions including solar energy projects, automation systems, and smart cold storage powered by renewable energy sources for industrial and commercial facilities.
• Industrial Real Estate Services (Bất động sản công nghiệp) Industrial real estate management, development, M&A, and leasing services focusing on industrial zone properties (including Phú An Thạnh and Hòa Khánh) and logistics facilities for industrial park developers and logistics companies.

Quantifiable outcome

• 50% energy cost savings in cold storage facilities using PIR panel insulation compared to brick construction
• +2 more outcomes

Named customers12 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

Four partnerships are on record, tiered strategic, major, core and csr partnership.

• Solapave GroupstrategicStrategic or Co-development Partner · 9 June 2025Strategic MOU signed June 2025 for green energy development cooperation. Solapave is an international partner helping Searefico expand potential in green energy development.
• INTECH GroupmajorStrategic or Co-development Partner · 18 December 2024Strategic MOU signed December 2024 between Searefico and INTECH Group, two leading companies in engineering and technology. Partnership marks a significant milestone in creating synergies in technical capabilities.
• Taisei OnchocoreStrategic or Co-development Partner · 1 January 2013Strategic partnership with Top 3 Japanese MEP contractor. Taisei Oncho became a 20% shareholder and strategic investor. Partnership enables Searefico to expand into international markets (Cambodia, Laos, Myanmar, India), access Japanese technical expertise, and bid on Japanese-funded projects in Vietnam.
• PureVNcsr partnershipOthersCSR partnership for supporting orphaned youth through the 'Gieo Mầm Hy Vọng' fundraising event and transition housing projects for youth aging out of social protection centers.

Scale indicators7 records

Recent moves17 records

Expansion highlights8 records

Direct peers

• REE Corporation: Vietnamese-listed industrial group operating across M&E contracting, HVAC/refrigeration, power infrastructure and real estate; the closest domestic competitor to Searefico's MEP-plus-refrigeration portfolio, serving overlapping hospitality and real estate developer clients.
• Taisei Oncho: Top-3 Japanese MEP contractor and Searefico's largest shareholder (~25.5%); directly comparable in MEP scope and execution capability, and effectively serves as both partner and partial competitor for Japanese-funded projects in Vietnam and Southeast Asia.

Broad incumbents

• GEA Group: German industrial group specializing in refrigeration, food processing and cold-chain equipment; comparable to Searee's industrial cold systems serving seafood, agricultural and food processing customers in Vietnam.
• Carrier Global: World-leading HVAC, refrigeration and cold-chain solutions provider; directly comparable to Searee's industrial refrigeration and smart warehouse offerings, particularly in food processing and pharma-grade cold storage.
• Midea Group: China-based global HVAC and refrigeration equipment manufacturer with product overlap to Greenpan's PIR panels and Searee's industrial refrigeration systems; competes indirectly through equipment supply into Vietnamese projects but at vastly larger scale and broader portfolio.
• Trane Technologies: Global HVAC and building systems manufacturer with strong presence in commercial refrigeration and cold-chain; competes with Searee on large cold-storage contracts and supplies equipment into Searefico E&C's MEP installations.
• Alfa Laval: Swedish industrial equipment maker in heat transfer, separation and fluid handling; comparable to the process-side of Searee's industrial refrigeration and Searefico E&C's mechanical systems work in food and pharma plants.
• Daikin Industries: Global leader in air-conditioning and commercial/industrial refrigeration; supplies HVAC equipment into Searefico's projects and competes with Searee/Arico's refrigeration business through product specification and direct project sales across Southeast Asia.
• Lennox International: Global HVAC and refrigeration manufacturer with strong commercial/light-commercial portfolio; competes with Searefico E&C's MEP work through equipment supply and adjacent service offerings in Southeast Asia.
• Johnson Controls: Global building systems and HVAC controls specialist; relevant peer to Searefico E&C's MEP and building automation work, with overlapping positioning in energy-efficient commercial buildings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/c/SEAREFICO-official
• LinkedInlinkedin.com/company/searefico

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 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 Seaprodex Refrigeration Industry