Water Supply Sewerage Construction & Investment

What Water Supply Sewerage Construction & Investment does

Water Supply Sewerage Construction & Investment Joint Stock Company (WASECO, HOSE: VSI) is a partially state-owned Vietnamese water infrastructure company headquartered at 10 Phổ Quang, Tân Bình District, Ho Chi Minh City. The company traces its origins to the takeover of the former National Water Bureau (Quốc gia Thủy cục) in 1975 and has operated continuously for 45+ years, completing more than 100 water supply, drainage, wastewater, and technical infrastructure projects across all provinces from Da Nang to Ca Mau. VIWASEEN (Vietnam Water and Environment Investment Construction Corporation), a state-owned parent, holds 60% of WASECO's 132,000,000 listed shares; the company converted to a joint stock company in 2008 and listed on HOSE in December 2011.

WASECO operates through six interrelated business lines: (1) Investment in water supply infrastructure, including capital contributions to clean water factories; (2) Design consulting, including project advisory, cost estimation, design review, and construction supervision; (3) Construction and Installation (EPC general contracting) for water supply, sewage, civil, industrial, and hydraulic engineering works; (4) Clean Water Production, including operation of the Dak Mil Water Factory; (5) Real Estate Business, leveraging company-owned land for residential and commercial development; and (6) Office Rental, offering approximately 40,000 m2 of fully-furnished office space across three blocks in the Waseco Building in Ho Chi Minh City. The technology base is physical infrastructure — drilling, pipeline installation, water treatment plant assembly, and industrial electrical works — supported by specialized machinery and skilled technical staff, with ISO 9001 and OHSAS 18001 certifications.

The company generates revenue through a mix of one-time EPC construction contracts (awarded via government bidding), recurring clean water supply to residential and industrial zones, recurring office leasing, real estate development, design and supervision consulting fees, and equipment/materials trading. Primary customers are Vietnamese provincial governments and local water utility companies, with industrial zones as a secondary segment. The company holds wholly owned subsidiaries including a water business trading center, the Dak Mil Water Factory, and the Southeast Asia Water and Consulting Company (Mekong Rạch Giá). WASECO has been recognized with state-level awards including the Order of Independence Third Class (2012) and the Prime Minister's Flag (2014), though it has also faced administrative tax penalties in 2022 and 2023 and significant board-level leadership turnover in 2026.

Name

Water Supply Sewerage Construction & Investment

Legal name

Công ty Cổ phần Đầu tư và Xây dựng Cấp thoát nước

Website

https://waseco.com.vn

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

11–50 employees

Short description

WASECO is a Vietnamese, partially state-owned water infrastructure company (HOSE: VSI) that provides EPC construction, consulting, clean water production, real estate development, and office rental across southern Vietnam, serving government agencies, industrial zones, and residential customers.

Ownership category

akta.pro rank

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

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

Revenue model

1. Construction and Installation: Main contractor for water supply and wastewater treatment construction projects, civil engineering, industrial construction, and infrastructure projects in industrial zones and urban areas
2. Clean Water Production and Sales: Operating clean water manufacturing plants and supplying clean water to residential areas and industrial zones
3. Office Rental: Leasing office space in Waseco building with nearly 40,000m2 of total floor area across 3 blocks
4. Real Estate Development: Developing housing, commercial areas, and office rental using existing land resources
5. Design and Consulting Services: Consulting, design review, construction supervision for water supply and wastewater treatment projects
6. Water Equipment and Materials Sales: Trading water industry equipment and materials, construction materials
7. Investment: Investing in wind power, solar energy projects and contributing capital to water production factories

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

WASECO operates as an EPC general contractor for water supply and wastewater treatment infrastructure projects across southern and central Vietnam, with 45 years of experience since taking over the National Water Bureau in 1975. The company delivers integrated services spanning project investment, design consulting, construction and installation (drilling, pipeline, water treatment plants, industrial electrical works, hydraulic structures), real estate development using company land, office leasing at its Waseco Building headquarters, and clean water production and supply to residential and industrial customers.

Product overview

Water Supply Sewerage Construction & Investment (WASECO) operates as a multi-segment infrastructure and services company rather than a unified software platform. The core portfolio comprises six interconnected business lines: Investment in Water Supply Infrastructure (capital contributions to build and operate clean water factories for residential and industrial customers), Design Consulting (project advisory, cost estimation, design review, and construction supervision), Construction and Installation (EPC/general contractor for water supply, sewage, civil, industrial, and hydraulic engineering works), Real Estate Business (development of residential and commercial properties on company-owned land), Office Rental (Waseco Building – a three-block, approx. 40,000 m2 office complex at 10 Pho Quang, Ho Chi Minh City offering modern furnished office space), and Clean Water Production (operation and management of water treatment plants and clean water distribution systems). These segments are closely related: design consulting and construction services support the water infrastructure investments, while real estate and office rental leverage the company's land holdings. The company was established in 1975 by taking over the former Quốc gia Thủy cục (National Water Office) and was privatized and listed on the Ho Chi Minh City Stock Exchange in 2010/2011 under ticker VSI with a registered capital of 132 billion VND.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment in Water Supply Infrastructure Capital contribution and investment in the construction of clean water production factories that supply clean water to residents and industrial zones across WASECO's operating geography in Vietnam. The offering targets government and industrial customers seeking partners to finance and build water supply assets.
• Design Consulting for Water and Wastewater Projects Advisory and design services for water supply and sewage construction projects, including project investment advisory, cost estimation, design review, and construction supervision for water infrastructure and urban technical systems. The service is for government agencies and developers undertaking water or wastewater projects.
• Construction and Installation (EPC) General contractor for construction and installation of water supply and wastewater treatment facilities, civil and industrial buildings, and transportation infrastructure including waterways, ports, and hydraulic structures. Service includes drilling, pipeline installation, factory technology installation, and industrial electrical works, targeting government agencies and industrial zone operators.
• Real Estate Development Development and trading of real estate properties leveraging WASECO's existing land assets to build residential areas and commercial zones, complementing the company's core water infrastructure business with property development and trading activities.
• Office Rental (Waseco Building) Rental of modern fully-furnished office space in a three-block building at 10 Pho Quang, Tan Binh District, Ho Chi Minh City, with total floor area of approximately 40,000 m2, equipped with security cameras, high-speed elevators, automatic fire alarm and suppression systems, backup generators, central air conditioning, and 24/7 smart parking for nearly 3,000 motorcycles and over 200 cars. Targets commercial tenants in logistics, e-commerce, software, and banking.
• Clean Water Production Operation and production of clean water, construction of water treatment plants, and management of clean water production systems, supplied to residential customers and industrial zones. Operated via wholly owned subsidiaries including the Dak Mil Water Factory and Southeast Asia Water and Consulting Company in Kien Giang.

Quantifiable outcome

• Successfully constructed hundreds of water supply and drainage projects across all provinces from Da Nang to Ca Mau

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Công ty TNHH MTV Cấp Thoát Nước Kiên GiangmajorStrategic or Co-development Partner · 14 December 2013Joint implementation of Phu Quoc water supply project. WASECO served as main contractor for Package PWS-3: Construction of raw water works, raw water transmission pipeline, raw water pumping station and Dong Duong water treatment plant with capacity of 16,500 m3/day. Contract value of 65 billion VND.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Veolia Water Technologies: Global water and wastewater EPC and operations leader with broad municipal and industrial project portfolio. Overlaps with WASECO's design, build, and operate capabilities at a much larger global scale; useful reference point for capability expansion paths.
• Suez Water Technologies & Solutions: International water utility and treatment technology provider operating across municipal and industrial water markets. Comparable end-to-end water value chain to WASECO but at global scale with advanced treatment focus.

Direct peers

• Vinaconex: One of Vietnam's largest state-linked construction groups with significant involvement in water supply, sewerage, and hydraulic EPC projects. Directly comparable to WASECO in business mix and state-affiliated customer base across Vietnam.
• Binh Duong Water & Environment JSC (BWE): Vietnamese provincial water utility operator providing clean water and wastewater services in Binh Duong and adjacent provinces. Highly comparable to WASECO's clean water production and water supply operations in southern Vietnam.
• Saigon Investment Construction Corporation: Vietnamese infrastructure company with water supply, drainage, and real estate business lines analogous to WASECO. Both target municipal/government contracts in southern Vietnam and operate complementary real estate / office leasing assets.
• CIENCO 4 (Civil Engineering Construction Corporation No. 4): Vietnamese state-linked civil engineering and transport infrastructure contractor with related water and hydraulic works exposure. Comparable in EPC execution model, state ownership structure, and southern Vietnam project base.

Regional players

• Manila Water Company: Philippines-based water utility and wastewater operator serving Metro Manila and other Southeast Asian geographies. Comparable to WASECO's recurring clean water production and distribution business, though operating in a different country market.

Emerging players

• Hyflux Ltd: Singapore-based water treatment and EPC specialist focused on municipal water and desalination projects across Southeast Asia. Comparable to WASECO's water treatment plant design/build capabilities and similar geographic focus on ASEAN infrastructure projects.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/water-supply-sewerage-construction-and-investment-jsc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 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 Water Supply Sewerage Construction & Investment