Samsung Engineering, DNP Water become strategic partners
Samsung Engineering Company Limited under Korean tech giant Samsung and Vietnam's DNP Water, a DNP Holding JSC (HNX: DNP) member, on Wednesday signed a strategic partnership agreement, with the former holding a 24% stake in the latter.
Samsung Engineering (SECL) has spent $41 million to purchase the stake of IFC, the World Bank financial arm, at DNP Water.
With the previous IFC and now Samsung acquisitions, DNP Water is the first Vietnamese private company in the water sector to receive investment from such global giants.
Strategic partnership signing ceremony between Samsung Engineering and DNP Water in Hanoi on June 29, 2022. Photo courtesy of the companies.
Founded in 2017, DNP Water has increased its clean water output from 100,000 cubic meters per day in 2017 to 1.1 million at present. It has invested in 13 cities and provinces, becoming the top private clean water supplier in Vietnam.
Board Chairman of DNP Water, Vu Dinh Do, said with the partnership of Samsung Engineering, DNP Water would have more resources, advanced technologies, management capacity, and experience to conduct projects in adapting and preventing climate change, soil salinity, water resource pollution, deterioration of underground water resources; and ensuring sustainable water supply and water discharge in urban areas.
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