Rheem Vietnam Limited (Vietnam)

Rheem Vietnam was officially established in January 2013 with the goal of building a production center for Rheem in Southeast Asia. The subject specializes in manufacturing hot water heater systems, solar collectors and kits. Besides manufacturing these products, it also imports, wholesales and retails water heaters, non-electric water heaters, air conditioners, heat pumps, boilers, solar collectors, photovoltaic panels, etc. Previously, its factory only produced water heater equipment to serve the international market and supply large-scale commercial construction projects in Vietnam. Some typical projects of the subject in Vietnam include The Vista, Kingdom 101, Mulberry Lane, hot water systems for Japanese-style treatment pools at the Sun Onsen Village project,... After cooperation with domestic distributor named An Bien Group in the third quarter of 2021, the company officially began retail business activities for customers in the Vietnamese market. Currently, the company exports more than 99% of its production value to its partner groups in international distribution channels. In the domestic market, the company produces equipment for both the renewable energy sector and electric storage water heaters under the Rheem and Solahart brands. On February 8, 2023, Rheem Vietnam inaugurated its third production factory in Binh Duong Province. This factory has an area of 61,000 m2, with production capacity of 348,000 water heaters per year, 480,000 solar collectors per year and 100,000 accessories per year. Currently, the company has invested more than USD 46 million in the manufacturing factory in Binh Duong province.We made an interview with Chief Accountant of the subject. According to her, although new factory was inaugurated in early 2023, but the company's production capacity this year has not increased much. Part of the reason is due to reduced demand due to the economic downturn. Estimated revenue in 2023 increased by about 10% to reach over VND 650 billion. Profit also increased compared to the same period last year but at a lower rate due to increased costs. Estimated net income in that year was about VND 30 billion.