Vinaconex acquires majority stake in Viwaseen to expand water infrastructure

Vietnam-based construction major Vinaconex (HoSE: VCG) has completed the acquisition of a 98.16% stake in state-controlled water supply infrastructure firm Viwaseen Corporation (UpCoM: VIW), officially making it a subsidiary.

The transaction follows an earlier plan by state investment arm SCIC to auction the VIW stake at VND21,620 (€0.70) per share, while shares closed at VND14,000 (€0.45).

The strategic acquisition positions Vinaconex to expand its ecosystem and water–environment infrastructure capacity across Vietnam. Nguyen Quynh Trang, previously deputy director, has been appointed Viwaseen general director, succeeding Ngo Van Dung. VCG shares were trading at VND22,700 (€0.73) mid-week.

Founded in 1975 as a state-owned entity, Viwaseen operates in construction, water infrastructure, and real estate. The company earned VND1 billion (€32,400) net profit on revenue of VND948 billion (€30.7 million) in 2020. After a loss in 2022, it returned to stable profitability with VND14–15 billion (€453,000–486,000) annually over the past two years.

Viwaseen also owns prime “golden land” plots in major urban centres. In Hanoi, these include a 10,270 sqm site in Thanh Tri district, an 8,209 sqm parcel in Dai Mo ward, a 12,556 sqm plot in Khuong Dinh ward, and a standout 1,282 sqm downtown site. In Hai Phong, the company holds the 1.9-hectare Vong Hai residential area alongside several industrial land plots in the Dinh Vu zone.

Vinaconex’s acquisition enhances its long-term development strategy, providing both strategic landholdings and specialised water infrastructure capabilities. The integration of Viwaseen is expected to strengthen operational synergies, broaden service offerings, and increase capacity for large-scale urban and environmental projects in northern Vietnam.

Explore the full story on Vinaconex’s strategic acquisition and its implications for Vietnam’s construction and water infrastructure markets.

Photo credits to Vinaconex official website