Gelex Infra, Petrosetco, Viconship Real Estate form 3 water infrastructure joint ventures

A group of Vietnamese companies including Gelex Infra, Petrosetco, and Viconship Real Estate has established three joint ventures in the water infrastructure sector within a short period.

On March 16, Gelex Tay Thanh Pho Infrastructure Co., Ltd. was set up with charter capital of VND10 billion ($380,230). The venture is owned by Viconship Industrial Infrastructure and Real Estate Co., Ltd. (10%), Petrosetco (41%), and Gelex Infrastructure JSC (49%).

Its main business is construction of water supply and drainage works, with a focus on waste collection and treatment systems.

Earlier, on March 4, the same group established Gelex Bac Sai Gon 1 Infrastructure Co., Ltd., also with charter capital of VND10 billion. Petrosetco holds 51%, Gelex Infra 39%, and Viconship Real Estate 10%.

Two days later, they formed Gelex Bac Sai Gon 2 Infrastructure Investment Co., Ltd., with identical charter capital. Ownership is split between Gelex Infra (49%), Petrosetco (41%), and Viconship Real Estate (10%).

Like the Tay Thanh Pho venture, the two Bac Sai Gon companies will primarily operate in water supply and drainage construction, focusing on waste collection and treatment infrastructure.

Gelex Infra is 70%-owned by Gelex Group and holds stakes in several infrastructure, industrial park and real estate companies, including Viglacera, Long Son Petrochemical Industrial Zone, Song Da Clean Water Investment JSC (VCW), and Titan Corporation.

Viconship Industrial Infrastructure and Real Estate Co., Ltd. was established on December 17, 2024 with charter capital of VND500 billion ($19 million), wholly owned by Hoang Ngoc Tuan (born 1987). On March 14, 2025, the company raised its charter capital to VND1.1 trillion ($41.83 million), though its post-increase ownership structure was not disclosed.

Viconship Real Estate is a founding shareholder of Titan Hai Phong JSC, a key subsidiary of Gelex Infra and the developer of the Tran Duong-Hoa Binh Industrial Park (Zone A) phase 1, covering nearly 208 hectares in Hai Phong city.

Petrosetco, established in 1996, counts state-owned Petrovietnam as a founding shareholder. On December 25, 2025, Petrovietnam said it had successfully auctioned a 23.21% stake in Petrosetco, raising more than VND900 billion ($34.22 million).

The year 2026 is seen as a pivotal period for Petrosetco following the state’s divestment. As of the end of last year, the company had charter capital of over $1.07 trillion ($40.81 million), with HD Fund Management JSC holding a 16.74% stake.