In 2024, Vietnam’s GDP growth is estimated to exceed 7%, becoming one of the 15 largest economies in Asia. In step with Vietnam’s development, with a spirit of proactive adaptability, innovation, and persistent effort, GELEX has not only achieved but significantly surpassed its planned targets.

01 ESTABLISHMENT OF CADIVI MIEN BAC EXPANDING MARKET REACH AND BRAND INFLUENCE

Established in April 2024, CADIVI MIEN BAC CO., LTD marks CADIVI’s strong commitment to expanding and conquering the Northern market. The Company continues to enhance its distribution system, intensify investment, research and launch new products with a strategic vision to stay ahead of the green living trend.

With a fresh perspective from a young and enthusiastic leadership team, coupled with new thinking about products, markets, and customers, CADIVI in 2024 has focused all its resources on expanding its market and brand influence, and improving operational efficiency.

02 SUCCESSFUL TRANSFER OF RENEWABLE ENERGY PROJECTS TO SEMBCORP INDUSTRIES

In June 2024, GELEX completed the transfer of 3 out of 4 of its renewable energy projects to Sembcorp Industries. At the 16th Vietnam M&A Forum, GELEX was honored as the Enterprise with the most outstanding M&A deal in 2023-2024.

The cooperation with Sembcorp – a leading renewable energy corporation from Singapore – will enable GELEX to maximize its potential, strengthen mutual growth in both the Vietnamese and international markets, and unlock new opportunities in the future.

03 GELEX TO BECOME A MAJOR SHAREHOLDER OF EXIMBANK

In August 2024, GELEX became a major shareholder of Eximbank with 174.6 million shares, equivalent to 10% of the bank’s charter capital.

Building upon its 35-year foundation, Eximbank is embarking on a comprehensive digital transformation while expanding its presence nationwide, with a particular focus on the Northern region. The bank aims to reclaim its position as one of Vietnam’s leading joint-stock commercial banks.

04 VIS RATING ASSIGNED ‘A’ RATING TO GELEX

In November 2024, VIS Rating, a Moody’s-affiliated credit rating agency, assigned GELEX a long-term issuer credit rating of ‘A’ with a “stable” outlook for the first time.

GELEX is among the top 30 largest listed companies on the stock exchange in terms of consolidated revenue over the past five years. VIS Rating assessed GELEX’s size as “Very Strong”, reflecting its strong and broad market presence in core business sectors, diverse product offerings to meet market demand, and the ability to maintain good relationships with suppliers and financial institutions.

05 LAUNCHING PROJECT  “ENHANCING RISK MANAGEMENT CAPABILITIES”

In June 2024, GELEX launched the project “Enhancing Risk Management Capabilities” to establish a consistent and unified foundation for identifying, assessing, managing, and monitoring various risks affecting the achievement of the Group’s objectives. The implementation is carried out in collaboration with Ernst & Young Vietnam, one of the world’s Big Four auditing and consulting firms.

Phase 1 of the project has completed at the end of December 2024, and Phase 2 will be rolled out at CADIVI in 2025. Phase 3: Developing an enterprise risk management framework for member companies within the GELEX system.

GELEX’s proud journey in 2024 stands as clear evidence of the relentless efforts of nearly 10,000 GELEX employees across the system.

 GELEX is committed to delivering exceptional value and experiences to customers, employees, shareholders, and partners, while sharing success with the community to foster a sustainable future.

PR DEPARTMENT