REE

What REE does

REE Corporation (Công ty Cổ phần Cơ Điện Lạnh) is a Vietnamese diversified infrastructure conglomerate founded in 1977 and listed on the Ho Chi Minh City Stock Exchange (HOSE: REE) in 2000 as Vietnam's first publicly listed company. It operates four integrated business segments: Energy (renewable power generation through hydroelectric, wind, and solar assets), Water and Environmental Services (treatment and distribution), Mechanical and Electrical Engineering (including the Reetech air conditioning brand and REEPRO solar EPC contracting), and Real Estate (the e.town commercial office portfolio in Ho Chi Minh City and property development under REE Land). REE manages 996 MW of equity-adjusted generation capacity (2,752 MW gross) and over 1.7 million m³/day of water treatment capacity, while the e.town office portfolio spans 145,000+ m² across 12 buildings at 91.9% occupancy.

The company generates revenue through regulated long-duration contracts and direct enterprise sales. Power generation operates under 20-year government feed-in tariffs (US 9.8 cents/kWh offshore, 8.5 cents/kWh onshore wind), water services are delivered under municipal concessions, and solar projects are sold to large industrial manufacturers under multi-year PPAs priced below local grid rates. Commercial office leasing serves approximately 200 tenants on annual leases, while M&E contracting delivers 1,000+ completed projects across commercial, industrial, and infrastructure sectors. Customers include Dong Tam, TBS, Hoa Sen Group, AA Corporation, TCM (rooftop solar), government utilities (power and water offtake), and commercial tenants (office leasing). The Reetech brand additionally distributes air conditioning products through retail channels, exporting to Cambodia, Laos, Myanmar, and the USA.

REE reported FY2025 revenue of VND 10,012 billion (~USD 400 million), up 19.4% year-over-year, with after-tax profit of VND 2,529 billion (+26.9% YoY) and total assets of VND 40,075 billion. The 2026 AGM set a USD 489 million revenue target, and the company has announced a plan to triple renewable generation capacity to 3,000 MW by 2030 at an estimated USD 3 billion per GW capital cost, requiring sustained project financing, government offtake frameworks under Power Development Plan VIII, and continued institutional support from majority institutional shareholder Jardine Cycle & Carriage (via Platinum Victory Pte. Ltd.). Recent moves include the May 2026 groundbreaking of the 200 MW REE Phú Cường 1A & 1B nearshore wind project and a January 2026 wind turbine supply agreement with Envision Energy for 128 MW in Vĩnh Long Province.

Name

REE

Legal name

Công ty Cổ phần Cơ Điện Lạnh

Website

https://reecorp.com

Company type

Public

Founded year

1977

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

REE Corporation is a Vietnamese diversified infrastructure group operating in renewable energy (hydro, wind, solar), water treatment and distribution, mechanical and electrical engineering, and commercial real estate, serving government utilities, large industrial manufacturers, and commercial tenants across Vietnam.

Ownership category

akta.pro rank

Product category

Diversified Infrastructure Services

NAICS

Remediation Services (56291), Facilities Support Services (561210)

SIC

Cogeneration Services & Small Power Producers (4991), Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

Utility-Scale Renewable O&M (Solar, Wind, Hydro, Geothermal) (EUAMAGAA)

akta.pro secondary industries

Advanced Treatment & Purification Utilities (MF/UF, RO, AOP, UV) (EUANAGAD), Industrial Water Reuse Utilities (ZLD/MLD & Process Water Recycling) (EUANAGAG), Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB)

Keywords

• Renewable energy generation
• Water utility services
• Mechanical electrical engineering
• Commercial real estate leasing
• Air conditioning manufacturing

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Power Generation (Renewable Energy): REE generates revenue through ownership and operation of hydroelectric, wind, and solar power plants. Total equity-adjusted generation capacity is 996 MW. Revenue from energy segment contributed to 2025 results of VND 10,012 billion revenue.
2. Water Treatment and Distribution: REE provides water treatment and distribution services through multiple subsidiaries. Total water production capacity exceeds 1.7 million m³/day serving urban areas.
3. M&E Contracting Services: REE M&E provides engineering services, sourcing, and contracting for commercial, industrial, and infrastructure projects. 2025 revenue of VND 3,521 billion with VND 164 billion profit after tax.
4. Commercial Office Leasing: REE Property manages 145,000+ m² of commercial office space across 12 buildings in Ho Chi Minh City with 91.9% occupancy rate and 200 customers.
5. Solar Project Development (REESE): REE Solar Energy develops rooftop solar and ground-mounted solar projects for large manufacturing and warehouse facilities, providing design, installation, and long-term maintenance services.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

REE Corporation is a diversified Vietnamese infrastructure group operating across four core segments: renewable energy generation (hydropower, wind, and solar with 996 MW equity-adjusted capacity), water treatment and distribution (over 1.7 million m³/day capacity), mechanical and electrical engineering services and contracting (including the Reetech air conditioner brand and REEPRO mechanical products), and commercial real estate (the e.town office complex with 145,000+ m² of leasable space in Ho Chi Minh City plus REE Land for property development).

Product overview

REE Corporation operates as a diversified multi-industry infrastructure group with four main business segments: Energy (renewable power generation through hydroelectric, wind, and solar), Water & Environmental Services (water treatment and distribution), Mechanical & Electrical Engineering (M&E contracting, air conditioning products, and solar EPC services), and Real Estate (office leasing and property development). The core energy platform REE Energy manages subsidiaries including REE Solar Energy (REESE) for rooftop and ground solar installations, wind power projects including the nearshore Phú Cường project, and a portfolio of 10 hydropower companies. The M&E division encompasses REE M&E services, the Reetech air conditioner brand, and REEPRO for mechanical products and solar EPC contracting. The real estate segment includes REE Property managing the e.town office complex portfolio and REE Land for property development projects.

Differentiator

Problem solved

Functional benefit

Brands

• Reetech: Vietnam's first air conditioner brand, with over 30 years of experience developing and manufacturing air conditioning and refrigeration equipment. Products are exported to Cambodia, Laos, Myanmar, and the USA.
• REE Energy
• REESE (REE Solar Energy)
• REE Water
• REE Land
• REEPRO
• REE Property
• REE.S — Next Gen in Mission

Products and services

• REE Energy
• REE Solar Energy (REESE)
• REE Wind Power Projects
• REE Hydropower Portfolio
• REE Water & Environmental Services
• REE M&E (Mechanical & Electrical Engineering)
• Reetech Air Conditioners
• REEPRO
• REE Property
• REE Land
• e.town 6 Office Building

Quantifiable outcome

• Electricity consumption reduced by 31% in green buildings
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Envision EnergycoreTechnology or Integration · 1 January 2026Wind turbine supply agreement signed January 2026 for 128 MW of nearshore wind projects in Vinh Long Province. Features the largest single-turbine capacity for nearshore installations in Vietnam and Southeast Asia.
• Zone Startups VietnamminorStrategic or Co-development PartnerPartnership to support innovation and startup ecosystem in Vietnam. REE collaborated with Zone Startups to create playground for innovative businesses.
• Kumagai GumiminorStrategic or Co-development PartnerMoU signed December 2023 with REE, TTVN, Kumagai Gumi, Kansai, and INPEX for potential infrastructure development cooperation.
• KansaiminorStrategic or Co-development PartnerMoU signed December 2023 with REE, TTVN, Kumagai Gumi, Kansai, and INPEX for potential infrastructure development cooperation.
• INPEXminorStrategic or Co-development PartnerMoU signed December 2023 with REE, TTVN, Kumagai Gumi, Kansai, and INPEX for potential infrastructure development cooperation.
• Vietnam GovernmentcoreOthersREE proposed policy changes to government including 100% offtake guarantees and allowing up to 60% of power payments in foreign currency to unlock large-scale renewable investments. Benefits from Power Development Plan VIII targeting 6-17 GW offshore wind by 2030-2035.

Scale indicators20 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• EDP Renováveis (EDPR): Global listed pure-play renewable energy developer with wind and solar assets worldwide. Provides an international benchmark for project economics, capacity build-out cadence, and offshore wind execution relevant to REE's 3 GW target.
• Vinhomes (VHM): Vietnam's largest listed real estate developer and part of the Vingroup ecosystem. Overlaps with REE's REE Land and REE Property segments in commercial office leasing and residential development, with comparable HCMC focus and institutional-grade development pipeline.
• Daikin Industries: Global Japanese leader in air conditioning and refrigeration equipment. Provides a benchmark for competitive intensity, technology cycles, and eco-gas transitions (R410A/R32) relevant to REE's Reetech brand, which exports to similar Southeast Asian markets.

Regional players

• Ha Do Group (HDG): Vietnamese listed conglomerate active in real estate, construction, and hydropower generation. Comparable to REE's diversified structure with material overlap in small-to-mid hydropower and property development in Vietnam.
• Becamex IDC (BCM): Vietnamese listed industrial zone and commercial real estate developer. Comparable to REE's property/office leasing vertical with focus on B2B tenants and large-scale infrastructure-led real estate, providing a read on green-certified asset trends in Vietnam.
• No Va Land (Novaland, NVL): Major Vietnamese residential and mixed-use real estate developer. Provides a regional benchmark for residential development margins and HCMC property cycle dynamics relevant to REE Land's residential projects.
• Sasco (SAS - Saigon Airport Services): Vietnamese listed infrastructure services company with airport retail and commercial services. Less directly comparable but offers a local infrastructure-services benchmark for HCMC-concentrated B2B real estate operators like REE Property.

Emerging players

• AC Energy Philippines (ACEN): ASEAN-listed renewable energy developer with utility-scale solar, wind, and hydro assets in Vietnam and the Philippines. Similar capacity-addition ambitions and exposure to feed-in tariff dynamics as REE Energy, providing a peer benchmark for renewables growth in the region.
• Trungnam Group (private): One of Vietnam's largest private renewable energy developers with significant solar and wind capacity. A direct local competitor in Vietnam's utility-scale renewables that competes with REE for project sites, EPC contracts, and financing.

Direct peers

• PetroVietnam Power (PV Power, POW): Vietnam-listed power generation company under Petrovietnam, operating gas, coal, and renewable capacity. Directly comparable to REE Energy on renewable energy generation, offtake structure with EVN, and listed on HOSE as a major utility platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/refrigeration-electrical-engineering-corp

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries34 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 REE