Gelex Infra, Petrosetco partner to launch infrastructure ventures in HCMC
Gelex Infrastructure JSC (Gelex Infra), the infrastructure arm of Gelex Group, has announced plans to establish two infrastructure companies in Ho Chi Minh City in partnership with Petrovietnam General Services Corporation (Petrosetco).
An industrual park owned by Gelex Infra. Photo courtesy of the company.
Under the plan, Gelex Infra (HoSE: GEL) will contribute VND3.9 billion ($149,450), equivalent to a 39% stake, to set up Gelex Bac Sai Gon 1 Infrastructure Co., Ltd., which will have a charter capital of VND10 billion ($383,193).
The company will also invest VND4.9 billion ($187,770) for a 49% stake in Gelex Bac Sai Gon 2 Infrastructure Investment Co., Ltd., which will likewise have charter capital of VND10 billion.
Earlier this month, Petrosetco (HoSE: PET) announced its participation in the same two entities, holding 51% of Gelex Bac Sai Gon 1 and 49% of Gelex Bac Sai Gon 2.
In addition, Petrosetco has invested VND4.1 billion ($157,110), equivalent to a 41% stake, in Gelex Tay Thanh Pho Infrastructure Co., Ltd., another newly established company with charter capital of VND10 billion.
Gelex Infra is 70% owned by Gelex Group (HoSE: GEX), one of Vietnam’s major multi-industry corporations. The company holds interests in a range of infrastructure, industrial park and real estate businesses, including Viglacera Corporation, Long Son Petrochemical Industrial Park, Song Da Clean Water Investment JSC (VCW), and Titan Corporation.
Founded in 1996, Petrosetco’s major founding shareholder is state-owned Petrovietnam. Headquartered in Ho Chi Minh City, the company operates in electronics distribution, industrial catering, and real estate, among other sectors.
On December 25, 2025, Petrovietnam completed the auction of a 23.21% stake in Petrosetco, raising more than VND900 billion ($34.49 million). The shares were acquired by six individual investors through VIX Securities JSC (HoSE: VIX).
The move to establish multiple infrastructure-focused entities underscores Gelex Infra’s strategic emphasis on urban infrastructure, particularly water storage and drainage systems in major cities, with HCMC identified as a key market.
On the Ho Chi Minh Stock Exchange (HoSE), GEL closed Wednesday at VND40,600 ($1.55) per share, while PET at VND36,050 apiece.
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