Refrigeration Electrical Engineering Corporation (REE), fomerly known as Refrigeration Electrical Engineering State-owned Enterprise, was established in 1977. In 1993, the Enterprise was equitized and transformed into Refrigeration Electrical Engineering Corporation. The Corporation has its business in mechanical and electrical building services (M&E), manufacturing, equipment and sales air conditioning systems, development and management of real estate, investment in strategy and infrastructuring sectors. REE takes the first position in the electrical engineering works market with more than 40 year experiences in construction and installation M&E works in infrastructure, commerce and industries. REE is managing and trading over 130,000 m2 of offices for lease. In addition, REE owns a total power generating capacity of 696 MW and a water supply capacity of 446,200m3 per day. REE has been listed on Hochiminh Stock Exchange (HOSE) since 2000.
- Mechanical and electrical engineering contractor for civil, commercial, industrial, and infrastructure projects
- Manufacture and sale of Reetech air conditioning systems
- Real estate business and property management
- Investment in utilities as water, coal, and electricity.
- Electrical Engineering: REE takes the first position in the electrical engineering works market with more than 40 year experiences in construction and installation M&E works in infrastructure, commerce and industries. Reetech refrigeration electrical engineering products are consumed widely by customers.
- Real estate: REE is managing and trading over 130,000 m2 of offices for lease.
- Power and water utilities: REE owns a total power generating capacity of 696 MW with a total investment of VND5,056 billion. REE also owns a water supply capacity of 446,200m3 per day at 03 water plants located in Hochiminh cities and 01 water plant in Hanoi. Besides, REE invests and owns some of clean water distributing companies in Hochiminh, including Thu Duc, Nha Be and Gia Dinh with an effort to mitigate water loss rate and expand water supply network.
- Focusing on 03 core business liness, including refrigeration electrical engineering, real estate, and power and water infrastructure;
- Electrical Engineering: Maintaining leading position in the electrical engineering market, cooperating with contractors to provide for customers with engineering procurement and construction (EPC) solutions for works, reinforcing domestic market and promoting export of refrigeration electrical engineering products under the trademark – Reetech;
- Real estate: Maintaining the occupancy rate of over 130,000m2 of offfices for lease. Proactively seeking and and developing new projects to add 50,000m2 for lease in the three coming years;
- Power and water utilities: Expanding investment in power and water utilities, integrating tranparent, effective management model into power plants.
- Free trade agreements have been signed recently, which lays a solid foundation for foreign direct investment to flow into Vietnam strongly. The rapid urbanization pace will also boost the demand in construction in the upcoming time. In addition, strong FDI flows and economic recovery are expected to boost the construction of houses, factories and warehouses in Vietnam. These factors will actively impact on Vietnam real estate, electrical engineering, power and water ultilities.
- Investments in electricity have great potential upside, but these are very long-term investments and the true rewards may have to wait until local power market is fully liberalized.
- There is a limited growth outlook for REE’s office leasing segment due to the already high occupancy rate in almost all of its buildings. Its increase in lease rates could be challenged by the slowdown in the economy and oversupply in the office space market.