GS Inima, a subsidiary in Spain, acquired 30% of the shares of PMV (Phu My Vinh Investment & Construction JSC), an industrial water supplier in Long An Province, on February 8, 2022.
PMV is a water treatment company that operates two industrial water supply plants in Long An Province, bordering Ho Chi Minh City. Currently, PMV’s shareholders include the Malaysian water treatment company RBC (30%), GS Inima (30%), and Vietnamese investors (40%). Notably, most contracts have long terms (50 years), and with Vietnam’s rapid economic growth, the demand for industrial water supply and treatment is expected to rise significantly. This makes the industry stable and growth-oriented.
Vietnam, the fourth-largest economy in ASEAN (a 10-member association of Southeast Asian Nations), is expected to serve as a crucial bridge for GS Inima to expand into the Southeast Asian market. Through this acquisition, GS Inima plans to strengthen its position as a global leader in the water treatment industry by expanding its business globally and penetrating the Asian water treatment market.
In particular, GS E&C is conducting joint research with the Singapore Water Resources Group to commercialize the world’s first “renewable energy-based seawater desalination innovation technology” developed in Singapore, a leading global water treatment market. This initiative is expected to create synergies for future market expansion.
Meanwhile, GS Inima entered the South American market by acquiring the industrial water business of BRK Ambiental, Brazil’s number one industrial water company, through its Brazilian subsidiary in 2019. It also entered the Middle Eastern market by winning orders for the Al Gubra Phase 3 and Barka Independent Water and Power Plant (IWP) projects, valued at KRW 2.475 trillion.
Huh Yoon Hong, Head of the New Business Division, stated:
“Entering the Vietnamese market allows GS Inima to expand its water treatment business to five major continents, excluding Oceania. The water treatment business is a future growth engine for GS E&C, and this will reinforce our position as a global leader in this field as a representative environmentally friendly company in the ESG era.”
Source: gsenc.vn
