Thailand’s WHA Group, a leading industrial estate developer, has announced plans to invest at least $1 billion in Vietnam. The group recently provided an update on a legal dispute involving its subsidiary, WHA Utilities and Power Public Company Limited (WHAUP), and Aqua One, a Vietnamese water company chaired by Do Thi Kim Lien (also known as Shark Lien).
In October 2019, WHAUP acquired a 34% stake in Duong River Surface Water Joint Stock Company (Duong River Company) from Dang Tat Thang for approximately 2.5 billion baht (equivalent to $65 million). The acquisition was executed through WHAUP’s subsidiary, WHAUP (SG) 2DR Pte. Ltd (WUPSD).
The share purchase agreement granted WUPSD the right to sell its entire stake in Duong River Company to Aqua One at the original purchase price plus accrued costs if Duong River Company failed to provide WUPSD with an amended investment registration certificate by October 25, 2020, increasing the project’s capacity from 300,000 m³/day to 600,000 m³/day.
As of WHA’s announcement to the Stock Exchange of Thailand (SET), Aqua One had not fulfilled its obligations under the agreement to purchase the shares from WUPSD. Consequently, WHAUP filed a lawsuit with the Vietnam International Arbitration Center (VIAC) on September 30, 2021, demanding Aqua One comply with the terms of the share purchase agreement.
In early November 2025, WHA announced that the Ho Chi Minh City People’s Court had issued a preliminary ruling rejecting the Thai company’s claims. WHA stated it would continue pursuing legal action in this matter.
In a related development, in late 2020, the Ministry of Public Security’s Investigation Agency requested documents regarding water supply planning and adjustments in Hanoi from 2013 onwards, as well as records related to the investment and construction of the Duong River Surface Water Plant.
The Duong River Surface Water Plant is part of Hanoi’s water supply plan until 2030, with a vision to 2050. This regional-scale clean water plant covers 65 hectares, with Phase 1 investment nearing $215 million and a capacity of 300,000 m³/day. Construction began in March 2017, and Phase 1 was completed in October 2019, one year ahead of schedule.
By 2030, the plant’s capacity is expected to reach 900,000 m³/day, and after 2030, it will increase to 1.2 million m³/day.
The total investment for the Duong River Water Plant is approximately $215 million. The company borrowed 80% of this amount, equivalent to roughly $172 million. Before operations began, interest expenses were capitalized into the investment cost. Once operational, interest will be included in the cost of clean water production.
The project faced controversy over its water price, set at $0.44/m³.
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