Multi-industry corporation REE - The marks of a pioneering enterprise
Starting life as a refrigeration electrical engineering factory, REE Corporation has developed into a multi-industry corporation after nearly half a century, covering refrigeration electrical engineering, real estate, electricity and water infrastructure.
Currently, the group is aiming to develop clean and green energy to meet the changing times.
From refrigeration mechanical factory to multi-industry corporation
Established in 1977, two years after the country was reunified, REE Corporation, listed on the Ho Chi Minh Stock Exchange as REE, is known as a pioneer and a successful example of privatization, usually known as equitization in Vietnam, by listing on the stock market.
REE Corporation was one of the first firms to go public in Vietnam, in 1993. In 2000, when Vietnam's stock market came into operation, REE was the first enterprise to list shares.

The Etown 2 office building developed by REE Corp. in Tan Binh district, Ho Chi Minh City. Photo courtesy of the corporation.
Over the years, the group has left its mark and brands on all the fields it is involved in.
In the traditional field that gave REE its reputation - refrigeration electrical engineering, REE M&E is a technical service provider, equipment supplier and mechanical electrical contractor with more than 45 years of experience, implementing large national projects such as Ben Thanh Metro Station in Ho Chi Minh City and the T2 passenger terminal at Phu Bai International Airport in Thua Thien-Hue province. Meanwhile, Reetech is the first Vietnamese air conditioner brand and has been present in the market for over 30 years.
The real estate segment is marked with E.town office buildings with a total floor area of 144,854 square meters and an occupancy rate of nearly 98%. In 2021, REE started construction of E.town 6 building - a clean, green office building meeting "LEED Platinum" standards. Expected to come into operation from the fourth quarter of 2023, it will increase the corporation’s office area to 181,652 square meters. In addition, REE has deployed residential real estate projects through member units such as Saigonres and REE Land.
In the field of electricity and water infrastructure, REE is known as a merger & acquisition "shark" (M&As) in the power industry, with deals including Vinh Son-Song Hinh Hydropower JSC, Thac Mo Hydropower JSC and Thac Ba Hydropower JSC. Now REE is engaged in the fields of hydropower, solar power, wind power and thermal power with a total generation capacity per ownership ratio of 1,051 megawatts.
The company also holds stakes in water supply companies with a total water production capacity corresponding to an ownership ratio of 450,000 cubic meters per day.
General director Huynh Thanh Hai said that REE's mission set in its early days was to develop the brands associated with business efficiency. Since then, REE has continuously transformed and improved itself to adapt to changes in the market, but always maintained and enhanced its core value.
Targeting average annual growth of 15% in 2023-2027
Since it was listed more than 20 years ago, REE's business performance has shown ups and downs but always on an uptrend. In 2022 alone, the corporation posted record business results with revenue of VND9,372 billion ($386 million) and a net profit of VND2,693 billion ($111 million), up 61% and 45%, respectively, compared to 2021.
This result was mainly thanks to the energy segment with the first full year of operations at Thuong Kon Tum hydropower plant (220 MW) and three wind power plants, namely Trai Vinh V103, Phu Lac 2 and Loi Hai 2 with a total capacity of 126 MW, along with favorable hydrological conditions and electricity prices 44% higher.
On the contrary, the refrigeration electrical engineering and real estate segments weakened, reflecting the prolonged difficulties of the real estate and construction markets.
In the 2018-2022 period, the energy segment made a breakthrough with revenue expanding from VND834 billion to VND5,365 billion ($220.26 million), gradually becoming a pillar to replace the traditional refrigeration electrical engineering segment whose revenue decreased from VND3,427 billion to VND2,816 billion. The real estate segment was quite stable thanks to office leasing activities, while the water field’s contribution was not significant.
In the first nine months of 2023, REE reported revenue of VND6,505 billion ($267.06 million), up 3.2% over the same period last year. In particular, the refrigeration electrical engineering and trade segments saw a good recovery, increasing 26% in revenue to VND2,981 billion thanks to revenues from electrical engineering and solar power projects. Revenue from office leasing rose 4% thanks to increased rental prices. The energy segment’s revenue decreased 6.4% to VND3,564 billion when hydrological conditions were unfavorable.
However, its net profit dropped 15% to VND1,684 billion ($69.14 million) as the company made additional provisions for bad debts in the refrigeration electrical engineering segment amid the struggling real estate market.
As of September 30, its total assets reached VND34,589 billion ($1.42 billion), focusing on tangible fixed assets and investments in joint ventures and affiliated companies. The corporation had more than VND3,500 billion in cash and deposits; and nearly VND11,000 billion in debt, equal to 52% of equity.
In the next five-year period (2023-2027), REE will focus on further developing its existing areas and expanding to new fields of liquid and solid waste treatment and environmental protection.
REE’s board of directors has set a growth target for the next five years of 15% per year on average.
On the stock market, REE closed Monday at VND56,800 ($2.33) per share, an increase of 0.18% from the previous session.
- Read More
VSIP starts work on industrial park project in northern Vietnam province Thai Binh
Construction of the Vietnam-Singapore Industrial Park (VSIP) Thai Binh commenced on Wednesday in northern Vietnam, with the witness of Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong.
Industrial real estate - Wed, March 26, 2025 | 10:41 pm GMT+7
Vingroup starts building mega urban project in Vietnam's Mekong Delta
Vietnam’s leading private conglomerate Vingroup on Wednesday embarked on construction of the VND28 trillion ($1.1 billion) Vinhomes Green City, the first mixed-use urban development in its ecosystem in the Mekong Delta province of Long An.
Real Estate - Wed, March 26, 2025 | 10:11 pm GMT+7
Indonesia, China cooperate in digital technology
Indonesia and China are expanding cooperation in the field of AI to promote digital transformation, especially in the fields of agriculture and smart cities.
Southeast Asia - Wed, March 26, 2025 | 10:01 pm GMT+7
Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
Southeast Asia - Wed, March 26, 2025 | 9:57 pm GMT+7
Major Vietnamese broker SHS to double charter capital
Saigon-Hanoi Securities Corporation (SHS) plans to issue 894 million shares to increase its charter capital from VND8.13 trillion to VND17.07 trillion ($667.6 million), making it one of the top three securities firms in term of charter capital.
Companies - Wed, March 26, 2025 | 8:30 pm GMT+7
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam
Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.
Industries - Wed, March 26, 2025 | 5:18 pm GMT+7
Danish toymaker Lego to open $1.3 bln Vietnam plant next month
Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.
Industries - Wed, March 26, 2025 | 4:18 pm GMT+7
Top Singaporean firms earn high incomes in Vietnam
Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.
Companies - Wed, March 26, 2025 | 3:45 pm GMT+7
Vietnam, Singapore ink significant deals in Hanoi
Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.
Economy - Wed, March 26, 2025 | 2:51 pm GMT+7
Vietnam's major policies are reshaping economic development
Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).
Economy - Wed, March 26, 2025 | 12:11 pm GMT+7
PM okays over $10 bln urban area project in central Vietnam
The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.
Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7
S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO
South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.
Companies - Wed, March 26, 2025 | 8:30 am GMT+7
Vietnam, Singapore seek cooperation chances in semiconductor industry
The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition
Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.
Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7
Vietnam Deputy PM discusses financial center development with ECB
Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.
Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7
Indonesia keeps commitment on energy transition
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.
Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7