Press release of the Annual general meeting of shareholders of GELEX Group joint stock company

On the morning of 28 March 2024, the 2024 Annual General Meeting of Shareholders (GSM) of GELEX Group Joint Stock Company was held at Hanoi. With high consensus and unanimity, the General Meeting approved all reports, proposals and many other important contents.

At the 2023 General Meeting reporting on business performance, Board of Directors of GELEX said that the general context still consists changes and unfavorableness but the Company has proactively adapted, remained flexible and creative and carried out many response solutions. Although the consolidated revenue target only reached 80% of the plan and 93.5% of the implementation in 2022, the consolidated pre-tax profit exceeded 9.8% of the target approved by the 2023 Annual General Meeting of Shareholders.

In 2024, assessing the macro economy that is expected to recover but still has many potential difficulties, the Company has constructed and submitted to the General Meeting a business plan with the target of consolidated net revenue of 32,303 billion VND, consolidated pre-tax profit is 1,921 billion VND, an increase of 7.7% and 37.5% respectively compared to the 2023 implementation. This plan was approved by the 2024 General Meeting of Shareholders with high consensus and agreement.

On development orientation for 2024, GELEX Group announced in documents, general meeting documents, and annual reports for 2023. At the General Meeting, GELEX’s Board of Directors shared more detailed information with the shareholders.

Specifically, in 2024, GELEX will restructure its investment portfolio, prioritizing electrical equipment, industrial park and industrial real estate infrastructure development, and renewable energy in the Group’s investment strategy.

Also, the Company will invest adequately in R&D activities, including: human resources, policies and mechanisms, and infrastructure; Readiness of large-scale capital mobilization plans for long-term (domestic and foreign) and implementation when market conditions are favorable; as well as good preparation of human resources, partners, capital, etc. for large-scale strategic infrastructure projects (power, industrial zones, etc.)

In 2023, the strategy of developing a partner ecosystem with leading multinational corporations (large domestic and foreign partners) has initially brought many positive values from cooperation opportunities with Frasers Property, Sembcorp Industries. This is the strategy GELEX will continue to promote in 2024 to help the Group participate in global value chains, expand and upgrade its product portfolio with higher value-added products in its core areas, boost its export activities and become the leading investment corporation in Vietnam.

GELEX and Frasers Property Vietnam have cooperated to deploy industrial centers according to a high-end model.

In addition, GELEX’s Board of Directors reported that the company is always committed to sustainable development by building a business strategy aligned with its core competencies, gradually and effectively implementing the integrated ESG (Environment, Social, Governance) framework.

Many green and environmentally friendly products from GELEX’s member companies are manufactured on modern production lines with high technology content, meeting international standards, propelling GELEX system’s products beyond Vietnam’s borders. GELEX also gradually invests in converting industrial park real estate from a basic traditional model into an industrial city model integrated with ecological urban areas, aiming for green and sustainable development. The well-planned industrial city will be a fusion of production, living and commercial space, aiming to attract the world’s leading businesses.

In 2024, in addition to the revenue and profit growth targets, GELEX will focus on developing organizational and governance capabilities, including taking corporate culture as the foundation, investing appropriately in human resources and R&D activities, deploying extensive digital transformation across the Group along with establishing a risk management framework to ensure a stable and sustainable operating system. GELEX will continue to actively join in the green transition and strive for sustainable development, linking the enterprise development with the development of Vietnam.

During the General Meeting, in a discussion session of the 2024 GSM of GELEX Group, a shareholder raised a question about the possibility of BYD building an electric vehicle factory in Viglacera’s Phu Ha Industrial Park, which is a member of GELEX Group, Mr. Luong Thanh Tung, Vice Chairman of the GELEX Group’s Board of Directors (BOD) reported that: “For the land lease location, BYD also went to Vietnam and chose Viglacera’s Phu Ha Industrial Park to perform investment research activities. Viglacera, BYD, and the leaders of Phu Tho province had a relatively long negotiation process. However, the official implementation depends on BYD’s strategy as well as the electric vehicle market situation. On Viglacera side, the company is also preparing about 100 hectares of ready-to-use commercial land if BYD needs”.