In 2023, GELEX earns nearly 1,400 billion VND

In the face of macroeconomic pressures over the past year, GELEX Corporation has implemented flexible strategies to maintain stability and strive for sustainable growth.


By the end of 2023, GELEX achieved a consolidated business production of VND 29,998 billion in net sales, reaching 80% of the plan. The consolidated pre-tax profit is estimated to reach VND 1,398 billion, exceeding 10% of the approved plan by the General Meeting of Shareholders. In particular, the bright spot in business results is recorded for the Real Estate segment and the Electric Equipment segment which achieved positive results in the face of a challenging market.

In terms of the electric equipment production and business, construction materials, GELEX directs its units to maintain market share in the domestic market with strategic items, while gradually expanding into suitable foreign markets.

In 2023, the flexibility in deploying market expansion activities was recognized for the electric equipment segment. Most of the member units of the electric equipment sector seized opportunities to find new customers domestically and in exports in order to maintain market share, balance profit/revenue, and effectively control inventory and accounts receivable.

The units in the system also intensified research and development of new products, optimized production, met the new market demands, aimed at “green” products, and optimized energy solutions.

In November 2023, the first square meters of super white Viglacera glass were produced at the Phu My Super White Glass Factory and introduced to the market.

Notable products include super white Glass, Fired Stone. Viglacera’s Aerated Autoclaved Concrete (AAC) product began to gain a foothold in the market. CADIVI also produced and commercialized several new products with superior features, environmentally friendly… In addition, the units also proposed many solutions to improve business efficiency.

Regarding the electricity and clean water business segment, solar power plants, hydropower plants, and clean water plants operated safely, optimized costs, and controlled risks…

In the real estate business segment, GELEX promoted its existing advantages to actively and effectively implement investment preparation activities, compensation, especially promotion of sales and leasing of Industrial Parks, bringing high efficiency to the Real Estate segment. At the same time, continue to develop new industrial park projects in locations with advantages in land, transportation infrastructure, electricity, water, and investment attraction policies; Social Housing projects, Worker Housing…

Outstanding is the cooperation with Fraser Property, GELEX increases the value chain, improves service quality, increases utilities, aims to improve business efficiency, and maximizes land to deploy ready-built workshops, ready-built warehouses, workshops, andbuilt-to-order warehouses.

In the past year, to ensure capital sources for production and business activities and investment development plans, GELEX actively restructured some assets and investments in the system as necessary to supplement financial resources to implement strategic goals. GELEX has reached an agreement with Sembcorp – the leading Singapore Group in the acquisition of the majority stake in the 245 MW renewable energy portfolio of GEX.

By the end of 2023, the total consolidated assets of GELEX are VND 55,076 billion, the equity is VND 21,225 billion, and financial ratios are all at a safe level.

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