What Gelex Infrastructure does

Gelex Infrastructure Joint Stock Company (formerly GELEX Energy Company Limited, established December 2016) is the infrastructure sub-holding of GELEX Group, with GELEX holding approximately 70% ownership. The company operates three core business segments: (1) Real Estate and Industrial Parks through Viglacera Corporation (17 industrial parks covering ~5,000 hectares attracting over USD 20 billion in FDI), Long Son Petroleum Industrial Park (targeting an 850-hectare data center hub), Titan Hai Phong (207.65-hectare industrial park), and FIH Vietnam; (2) Construction Materials via Viglacera, producing ceramic tiles, sanitary ware, glass, autoclaved aerated concrete (AAC/ALC panels), and Vasta Stone sintered stone using world's most advanced Sacmi Continua+ production lines, exported to 40+ countries; (3) Utility Infrastructure including clean water supply through Song Da Clean Water (Viwasupco, serving ~25% of Hanoi with 300,000 m³/day capacity expanding to 600,000 m³/day) and renewable energy co-development with Sembcorp.

The company generates revenue through multiple mechanics: industrial park land lease and infrastructure fees (transaction-based), construction materials sales via distributor/dealer networks (transaction-based), regulated municipal water tariffs (subscription/recurring, with a 53% price increase from 5,069 VND/m³ to 7,767 VND/m³ effective Q1 2025), and residential/commercial real estate development through joint ventures (transaction-based). Go-to-market is enterprise field sales targeting multinational FDI tenants (Samsung, Amkor, Hyosung) for industrial parks, direct sales to Hanoi municipal government for water supply, and channel partnerships for construction materials distribution.

Gelex Infrastructure completed its IPO on HoSE in December 2025 and officially listed on February 6, 2026 under ticker GEL (890 million shares, ~USD 1.18 billion market cap at listing close). FY2025 consolidated net revenue was VND 14,302 billion (~USD 572 million) with pre-tax profit of VND 2,029 billion (+25% YoY). Strategic moves include a 20% stake in the Gia Binh International Airport project (~USD 7.9 billion, the largest private airport in Vietnam's history), a residential joint venture with Frasers Property, and a USD 200 million syndicated loan from HSBC (oversubscribed 2x+, 19 institutions) marking the company's debut offshore USD financing. The broader parent company GELEX Group is a diversified Vietnamese conglomerate with operations also in electrical equipment manufacturing, while Gelex Infrastructure focuses exclusively on infrastructure investment.

Name

Gelex Infrastructure

Legal name

Công Ty Cổ Phần Hạ Tầng GELEX

Website

https://gelex-infra.vn

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Gelex Infrastructure (HoSE: GEL) is the infrastructure sub-holding of GELEX Group, operating industrial parks via Viglacera (17 parks, ~5,000 ha), construction materials manufacturing, clean water supply (25% of Hanoi), and strategic infrastructure investments including a 20% stake in Gia Binh International Airport.

Ownership category

akta.pro rank

Product category

Infrastructure Investment and Industrial Real Estate

NAICS

Water and Sewer Line and Related Structures Construction (23711), Other Concrete Product Manufacturing (327390), Utility System Construction (2371)

SIC

Water Supply (4941), Special Industry Machinery (No Metalworking Machinery) (3550), General Industrial Machinery & Equipment (3560)

akta.pro primary industry

Capital Delivery, Asset Management & Renewal Programs (Pipes, Plants, Pumps) (EUANAAAK)

akta.pro secondary industries

Infrastructure, Engineering & Public Works Technical Assistance (WASH/Transport/Energy) (BPADAEAF), Water & Wastewater Infrastructure Asset Management (EUAEAMAH)

Keywords

• Industrial park development
• Construction materials manufacturing
• Clean water utilities
• Infrastructure investment holding
• Renewable energy projects

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Industrial Real Estate & Industrial Parks: Revenue from land lease, industrial park infrastructure development, and operation through subsidiaries Viglacera (17 industrial parks, ~5,000 ha), Long Son Petroleum Industrial Park (PXL), and Titan Hai Phong. Contributes through land plot sales and lease income, attracting FDI capital to Vietnam.
2. Construction Materials Manufacturing: Revenue from manufacturing and selling construction materials including ceramic sanitary ware, tiles, glass (energy-saving, ultra-clear float), sintered stone (Vasta Stone), AAC/ALC panels, and other building materials. Sold domestically through distributor networks and exported to 40+ countries.
3. Utility Infrastructure – Clean Water Supply: Revenue from clean water production and supply through Song Da Clean Water Investment JSC (VCW), supplying approximately 25% of Hanoi population. Capacity expansion to 600,000 m³/day and night underway, targeting completion by end of 2025.
4. Renewable Energy: Revenue from renewable energy generation (wind and solar power). In 2024, operating renewable energy projects were transferred to partner Sembcorp, and both parties are jointly researching and developing new renewable energy projects.
5. Residential & Commercial Real Estate Development: Revenue from residential and commercial real estate projects developed through subsidiaries and joint ventures, including the ANmaison project in Hai Phong (13.62 ha) with Frasers Property, and ~113 ha mixed-use project in Dong Nai. Planned 100 million new shares issuance to fund expansion.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Gelex Infrastructure is a publicly listed infrastructure investment holding company operating three core segments: (1) industrial park development and real estate through subsidiaries including Viglacera (17 industrial parks, ~5,000 hectares), Long Son Petroleum Industrial Park, and Titan Hai Phong; (2) construction materials manufacturing via Viglacera — ceramic tiles, sanitary ware, glass, autoclaved aerated concrete, and sintered stone (Vasta Stone); and (3) utility infrastructure — clean water supply to approximately 25% of Hanoi through Song Da Clean Water, plus renewable energy projects. The company is also an equity investor in strategic national infrastructure including Gia Binh International Airport.

Product overview

Gelex Infrastructure JSC is a sub-holding company of GELEX Group established in December 2016, operating as a diversified infrastructure investment platform. The company manages three core business segments: (1) Real Estate / Industrial Parks - through Viglacera (17 industrial parks, ~5,000 ha), Long Son Petroleum Industrial Park (850 ha data center hub), Titan Hai Phong (207.65 ha industrial park), and FIH Vietnam; (2) Construction Materials - through Viglacera producing sanitary ceramics, tiles, glass, AAC, and sintered stone; (3) Utility Infrastructure - renewable energy development (wind/solar) and clean water supply through Song Da Clean Water (Viwasupco) serving 25% of Hanoi. The portfolio also includes strategic projects like Gia Binh International Airport (20% stake) and ANmaison residential development in Hai Phong.

Differentiator

Problem solved

Functional benefit

Brands

• Viglacera: Leading manufacturer of construction materials and real estate developer, Vietnam's top industrial park operator with 17 parks covering about 5,000 hectares, attracting over $20 billion FDI.
• Viwasupco (Song Da Clean Water)

Products and services

• Viglacera Corporation – JSC (VGC) — Construction Materials & Industrial Park Operations Vietnam's leading manufacturer of construction materials (ceramic tiles, sanitary ware, autoclaved aerated concrete, sintered stone, energy-saving and ultra-clear float glass) and operator of 17 industrial parks covering approximately 5,000 hectares that have attracted over USD 20 billion in FDI. Products are sold to construction companies, developers, and contractors domestically and exported to 40+ countries.
• Song Da Clean Water Investment JSC (VCW / Viwasupco) — Clean Water Supply Bulk clean water production and supply via the Song Da Water Plant (300,000 m³/day capacity, expanding to 600,000 m³/day by end of 2025), supplying approximately 25% of Hanoi's population under regulated municipal tariff pricing.
• Long Son Petroleum Industrial Park Investment JSC (PXL) — Industrial Park Development Development and operation of Long Son Industrial Park, an 850-hectare site positioned as a data center hub, with additional industrial and real estate activities across Ba Ria – Vung Tau, Ho Chi Minh City, Binh Duong, and Long An provinces.
• Titan Hai Phong JSC — Tran Duong – Hoa Binh Industrial Park Development Development of Tran Duong – Hoa Binh Industrial Park (Zone A), Phase 1 in Hai Phong City covering 207.65 hectares, contributing to the company's modern, green and sustainable industrial development strategy.
• FIH (Vietnam) Company Limited — Industrial Park and Commercial Real Estate Development 100% owned by Gelex Infrastructure; develops industrial park and commercial real estate projects in Vietnam, including the 13.62-hectare housing project at 226 Le Lai, Hai Phong (delivered through G&F Residence Co., Ltd.).
• Real Estate / Industrial Park Development (Core Business Segment) Investment in construction and operation of modern industrial parks integrated with ecological urban areas, plus commercial real estate development at prime locations nationwide. Includes FDI-targeted land leases and built-to-suit facilities.
• Construction Materials (Core Business Segment) Green and synchronized building materials ecosystem including sanitary ceramics, shower faucets, autoclaved aerated concrete (SGBC-certified), Vasta Stone sintered stone, ceramic tiles, super white glass, and energy-saving glass — all produced using modern, environmentally friendly technology.
• Utility Infrastructure — Energy & Water (Core Business Segment) Sustainable energy development focused on renewable energy (wind and solar power) and stable clean water supply to communities through Song Da Clean Water and co-developed renewable energy projects with Sembcorp.

Quantifiable outcome

• VND 14.302 trillion revenue (+93% of 2025 plan), VND 2.029 trillion pre-tax profit (+25% YoY growth)
• +4 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

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Frasers Property VietnamcoreStrategic or Co-development Partner · 7 February 2026Frasers Property Vietnam and Gelex Infrastructure signed a strategic investment agreement on February 7, 2026, establishing a joint venture with Frasers Property holding 51% and Gelex Infrastructure holding 49%. The first project is ANmaison residential development in Hai Phong (13.62 ha). Additional plans for a 113-hectare mixed-use project in Dong Nai province near Ho Chi Minh City. The two companies previously jointly developed five industrial and logistics projects covering approximately 100 hectares across major Vietnamese industrial hubs. This partnership targets residential and high-potential real estate segments.
• SembcorpcoreStrategic or Co-development Partner · 1 January 2024In 2024, Gelex Infrastructure transferred operating renewable energy projects to partner Sembcorp and simultaneously began jointly researching and developing new renewable energy projects. This marked a strategic pivot toward co-development of new clean energy infrastructure.

Scale indicators11 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• IDICO Corporation (IDC): Vietnamese state-owned infrastructure and industrial park operator with hydropower generation history (similar to Gelex's origins as GELEX Energy). Comparable on industrial park development, energy/water infrastructure assets, and listed-conglomerate structure.
• Ho Chi Minh City Infrastructure Investment JSC (CII): Vietnamese infrastructure investment holding listed on HoSE with stakes in toll roads, water, and real estate. Comparable diversified infrastructure-investor model and listed holding-company structure to Gelex Infrastructure.
• Vietnam National Cement Corporation (VICEM): Vietnamese state-owned construction materials producer (cement, clinker, concrete products). Directly comparable to Gelex/Viglacera on the construction-materials side of the business, though VICEM is upstream (cement) versus Gelex's downstream (tiles, glass, AAC).
• Kinh Bac City Development Holding Corporation (KBC): Vietnamese industrial park and mixed-use real estate developer with major parks in Bắc Ninh and Hải Phòng. Closely comparable to Gelex on industrial-zoning footprint, residential/mixed-use diversification, and Hanoi-area project pipeline.
• Sonadezi Corporation (SNZ): Vietnamese industrial park developer focused on Đồng Nai and the southern key economic zone. Comparable to Viglacera on operating industrial parks for FDI manufacturers and HoSE-listed infrastructure-investor model.
• Becamex IDC Corporation: Vietnamese state-linked industrial park developer with a large land bank across Bình Dương province. Directly comparable to Gelex/Viglacera on industrial real estate scale, FDI-driven tenant base, and listed-on-HoSE profile.

Regional players

• Thai Industrial Estate Corporation (TIE): Thai-listed industrial estate developer. Regionally comparable as a Southeast Asian peer operating industrial parks for foreign manufacturers, though geographically focused on Thailand rather than Vietnam.

Broad incumbents

• Sembcorp Industries: Singapore-listed energy and urban development major; partner of Gelex Infrastructure on renewable-energy projects (operating RE assets were transferred to Sembcorp in 2024). Comparable on utility-scale water/energy infrastructure ownership and Southeast Asian industrial park exposure.
• Hoa Phat Group JSC (HPG): Vietnam's largest diversified industrial group (steel, real estate, agriculture). Comparable as a large-cap HoSE-listed conglomerate with multi-vertical industrial and real estate exposure, though HPG is steel-centric rather than infrastructure-centric.

Emerging players

• Coteccons Construction JSC (CTD): One of Vietnam's largest private construction contractors, often involved in residential, commercial, and industrial builds. Comparable to Gelex's construction materials and real estate verticals on Vietnam project pipeline and execution capacity.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCKXD63peQMoNwNq13p677iQ
• Facebookfacebook.com/gelexcorporation
• LinkedInlinkedin.com/login

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

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 Infrastructure