From a modestly funded enterprise to a multi-billion-dollar conglomerate, from a small import-export company to a giant multi-industry economic group, Geleximco’s 30-year journey is truly a brilliant symphony of intelligence, courage, and responsibility.
In April 2024, the name Geleximco once again stirred up the market, especially shaking the automotive industry, as it signed a Joint Venture Agreement with the globally trendy new energy automotive brand Omoda&Jaecoo (a subsidiary of China’s Chery Group).
At the signing ceremony, businessman Vu Van Tien – Chairman and CEO of Geleximco Group – stated that the Geleximco and Omoda&Jaecoo joint venture would invest in building an automotive manufacturing plant in the Thai Binh Economic Zone, Vietnam. The factory, with a capacity of 200,000 vehicles per year, will produce models under the Omoda&Jaecoo brand.
On April 4, 2024, Geleximco Group and Omoda & Jaecoo (China) signed a Joint Venture Agreement.
The construction will be carried out in three phases, with a total estimated capital investment exceeding 800 million USD. Specifically, Phase 1, expected to be completed in Q1/2026, will require an estimated 220 million USD and produce 50,000 vehicles annually. Phase 2 will have an investment of approximately 200 million USD, increasing production to 100,000 vehicles per year, while Phase 3 will require around 380 million USD.
In recent years, China’s new energy vehicle technology has reached a global peak, with Omoda&Jaecoo making groundbreaking advancements in the industry. As of 2024, Omoda&Jaecoo’s cumulative global sales volume has exceeded 160,000 units, gaining popularity and preference among young consumers in nearly 20 countries and regions.
It is no coincidence that Chery Group chose to partner with Geleximco. Geleximco is not a new entrant but a leading powerhouse in Industrial Production, Real Estate, Finance – Banking and Trade in Services in Vietnam.
Looking at a major private economic group with a workforce of over 10,000 and total assets exceeding 80,000 billion VND, few people would have guessed that Geleximco originated as a small import-export company founded in 1993 with an initial charter capital of nearly 3 billion VND and just over 10 employees.
The great aspiration of a countryman from the fertile fields
Born in the rural land of Thai Binh and having experienced a childhood of hardship, Vu Van Tien—once described by economic expert Dr. Le Xuan Nghia as “A farmer at heart, shaped by the fields of rice”—understood better than anyone the struggles of the working class. As he grew up, he nurtured a burning desire to escape poverty, achieve prosperity, and uplift not only his own life but also his community. Those early-life experiences shaped him into a resilient and sharp-minded individual, keenly aware of the challenges of the times.
Businessman Vu Van Tien – Chairman of the Board of Directors and CEO of Geleximco Group.
In 1986, Vietnam officially launched its economic reforms. The 6th National Congress of the Communist Party in December 1986 adopted a comprehensive Doi Moi (renewal) policy, particularly in economic thinking. State-owned enterprises were granted autonomy in production and business operations, shifting towards economic accounting and financial self-sufficiency, gradually eliminating subsidies, reducing administrative directives, and encouraging the non-state sector to expand production and attract investment for industrial development.
With a reform-oriented mindset and far-sighted vision, Tien immediately recognized the potential of private sector development and its alignment with market competition. He made the bold decision to leave his position in the state sector and transition into private business. With passion, great ambition, and courage, he embarked on a path fraught with challenges yet abundant with opportunities.
In 1993, Hanoi General Import Export Company Limited, the predecessor of today’s Geleximco Group, was officially established with a charter capital of nearly 3 billion VND. This was a modest yet highly significant beginning, as it was the first private enterprise in Vietnam permitted to engage in direct import and export activities.
During its first three years, the young company faced numerous challenges, often struggling against turbulence. At certain points, it encountered crises so severe that closure seemed inevitable. By 1996, Geleximco was burdened with a debt of 11 billion VND, a substantial sum at the time.
However, the greater the adversity, the stronger Tien and his team united, determined to move forward without hesitation. “At that time, I had only one thought—I had to persevere, endure, and commit to moving forward without looking back,” shared Vu Van Tien.
Thanks to the determination and resilience of a son of Thai Binh’s rice fields, Tien and his associates gradually found solutions to overcome difficulties while formulating business strategies. The crisis eventually passed, and Geleximco managed to settle its tax and bank debts.
At that pivotal moment, Tien encountered a new opportunity in the automotive parts manufacturing industry. He made a bold decision to partner with Japanese and Thai investors to establish Vietnam Auto Parts Co., Ltd (VAP). The factory was constructed in Nhu Quynh Commune, Van Lam District, Hung Yen Province, with a total capital investment of 90 million USD. This became one of the first successful joint ventures between Vietnam and foreign partners in the country’s industrial sector.
Building on this momentum, in 2000, Tien’s enterprise launched another joint venture project with VIFON-ACECOOK to produce instant noodles. Shortly after, they established a packaging manufacturing plant in Van Lam District, Hung Yen Province, to serve both the instant noodle factory and exporting purpose.
These early, steady, and persistent steps laid the foundation for Geleximco’s later remarkable success, serving as a guiding principle for the Group’s expansion strategy.
Success upon success
The successful completion of two major joint venture projects with foreign partners boosted Geleximco’s confidence in the industrial manufacturing sector. The company proposed to the government an investment in pulp and paper manufacture, which was approved, leading to the development of the An Hoa Pulp and Paper Factory in Son Duong District, Tuyen Quang Province. The total investment for both projects amounted to nearly 450 million USD.
The establishment of An Hoa Paper Factory—the first industrial project in a poor mountainous district of Tuyen Quang Province—contributed significantly to the region’s and the neighboring areas’ economic, cultural, and social development.
In 2007, Geleximco transitioned from a limited liability company to a joint-stock company, increasing its charter capital to nearly 2,000 billion VND. With stronger financial resources, the company gained the government’s trust and was assigned additional large-scale projects.
In response to the market demand, Geleximco invested in the Thang Long Cement Plant project. With a total capital investment of 350 million USD, the project was equipped with state-of-the-art, environmentally friendly technology and had a designed capacity of 6,000 tons of clinker per day, equivalent to 2.3 million tons of cement per year. On December 18, 2008, the first batch of cement from Thang Long Cement Joint Stock Company entered the Vietnamese market and was highly welcomed.
Building on its success, Geleximco continued its expansion by investing in the Thang Long Thermal Power Plant. The plant, featuring two generator units, had a total investment of 900 million USD and spanned nearly 125 hectares in Le Loi Commune, Ha Long City, Quang Ninh Province. In 2018, the plant officially began commercial electricity production.
Thang Long Thermal Power Plant.
Recognizing societal trends, Geleximco made strategic and in-depth investments in real estate. Focusing on the development of new urban areas, the company prioritized project progress, quality, services, and environmental sustainability to create livable spaces close to nature. Prominent projects such as Giao Luu City Urban Area, An Binh City, Gelexia Riverside, Geleximco Le Trong Tan, and Cai Dam Urban Area established Geleximco as a reputable and leading brand in the real estate sector.
A giant multi-industry conglomerate
2019 marked a turning point in Geleximco’s business strategy as the company officially entered the luxury resort real estate market with the development, exploitation, and operation of the Dragon Ocean Do Son International Tourist Area.
Alongside industrial manufacture and real estate, finance and banking are also key business sectors of Geleximco. An Binh Bank was licensed on May 13, 1993, initially named An Binh Rural Commercial Joint Stock Bank.
In 2004, the bank was restructured into An Binh Commercial Joint Stock Bank (ABBANK) with a charter capital of VND 70.04 billion. By 2022, ABBANK’s charter capital had reached VND 9,409 billion, with strategic shareholders including Geleximco Group, Malaysia’s largest bank Malayan Banking Berhad (MayBank), and the International Finance Corporation (IFC) under the World Bank. Currently, ABBANK operates 165 transaction points across 34 provinces and cities, serving over 1 million customers.
Trade in services are among the four key business sectors of Geleximco. In addition to business and import-export activities, Geleximco has expanded into hospitality services, including hotels, resorts, premium office leasing, and luxury golf courses.
In 2019, the international standard 36-hole golf course project, Hilltop Valley Golf Club, was officially launched in Ky Son, Hoa Binh City, Hoa Binh Province, receiving high praise for its quality and services. In 2023, Geleximco officially began operating the ultra-luxury Dragon Golf Links—a seaside 27-hole golf course—part of the Dragon Ocean Do Son International Tourist Area in Do Son, Hai Phong.
Dragon Golf Links Golf Course, part of the Dragon Ocean Do Son International Tourist Area.
In addition, Geleximco now owns Ha Long Dream Hotel, one of the first large-scale private 4-star hotels in Bai Chay, Ha Long City, Quang Ninh; Thai Binh Dream Hotel in the center of Thai Binh City; and Dream Dragon Resort, part of the Dragon Ocean Do Son International Tourist Area.
Dream Dragon Resort at Dragon Ocean Do Son International Tourist Area.
On top of that, two Grade A office buildings—Geleximco Building and Peakview Tower, located at 36 Hoang Cau, Dong Da, Hanoi—are ranked among the most reputable and professional office leasing services, elevating Geleximco’s brand name to unprecedented heights.
Geleximco Building – Grade A Office Tower.
In 2022, Geleximco signed a land and infrastructure lease agreement with Viglacera Corporation to establish an automobile manufacturing and assembly plant in Thai Binh. This strategic move has served to elevate the Group’s status to an entirely novel position. With its achievements, many economic experts have set high expectations for Geleximco’s expansion into this sector.
“Looking at his investment portfolio, it is fair to call Mr. Tien one of the most diversified entrepreneurs in Vietnam. His strategic shift aligns well with the policy of developing a multi-sectoral commodity economy, market principles, and the international landscape,” said Dr. Le Xuan Nghia.
Alongside its business endeavors, Geleximco places great emphasis on humanitarian activities, integrating social responsibility and charitable initiatives into its sustainable development strategy.
With relentless efforts, over more than 30 years of establishment and development, Geleximco has not only solidified its position as a leading conglomerate in Vietnam but has also become a symbol of entrepreneurial spirit and bold investment in innovative and challenging sectors.
Under the visionary leadership of entrepreneur Vu Van Tien, along with the unity and determination of its employees, Geleximco has not only secured a strong foothold in the domestic market but has also expanded globally. The corporation continues to establish itself as a pioneering investor, bringing immense benefits to the community and contributing to Vietnam’s economic growth amid an increasingly deep and extensive global integration.
