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Searee Secures Foreign Investment and Financing to Boost Production in Danang Free Trade Zone
On June 30, 2025, Vietnam Investment Review reported that Searee Mechanical and Refrigeration JSC, a Searefico Group subsidiary, launched strategic initiatives in Danang to attract investment and restart operations at its mechanical factory. Following the government’s Decision No.1142/QD-TTg on June 13, 2025, approving the Danang Free Trade Zone (FTZ), Searee signed a Share Subscription Agreement (SSA) with Taisei Oncho Vietnam (TOVH) and a Shareholders’ Agreement (SHA) with Searefico E&C and TOVH, alongside securing a VND120 billion ($4.7 million) credit facility from Techcombank.Link
Strategic Initiatives and Investments
- Foreign and Domestic Financing: Through the SSA, TOVH becomes a direct equity investor in the Searee Industrial Building (SIB) in Danang’s Hoa Khanh Industrial Zone. The SHA establishes transparent corporate governance and sustainable cooperation. Additionally, a mid-term credit facility from Techcombank contributes to a total of VND120 billion ($4.7 million) in mobilized capital.Link
- Searee Industrial Building (SIB): The SIB, set to launch in January 2026, is a five-story, 28-meter-high facility designed for optimized land use, meeting LEED and FM Approvals standards to attract international FDI clients with stringent sustainability requirements.Link
- Production Expansion: Searee recommissioned its mechanical factory and launched a new Thanh Xuan brand production line for ducting and accessories, enhancing manufacturing capacity to meet market demand.Link
Searefico Group’s Broader Strategy
- Long-Term Goals: Searefico Group, led by CEO Nguyen Khoa Dang, targets an additional 50,000 square meters of leasable floor area by 2028 and plans a future initial public offering (IPO). The group views TOVH as a long-term strategic partner, not merely a financial investor.Link
- Operational Success: In the first half of 2025, Searefico resolved VND1.4 trillion ($56 million) in backlogs, demonstrating resilience in a volatile construction and materials market. The group aims to become a leading industrial platform in Vietnam through innovation and international partnerships.Link
Market Context and Opportunities
- Danang Free Trade Zone: The FTZ, approved on June 13, 2025, offers tax exemptions, reduced corporate income tax, and streamlined customs procedures, making it an attractive hub for FDI. Searee’s SIB leverages these incentives to target global clients, aligning with Vietnam’s goal to boost economic growth through FTZs.LinkLink
- Sustainability Focus: The SIB’s LEED and FM Approvals certifications position Searee to meet international demand for sustainable industrial facilities, enhancing its competitiveness in Vietnam’s growing industrial sector.Link
Risks and Considerations
- Risks: Delays in SIB construction or failure to meet sustainability certifications could impact FDI attraction. Vietnam’s complex regulatory environment and inconsistent accounting standards may pose challenges for foreign investors like TOVH.Link
- Opportunities: The Danang FTZ’s incentives and Searee’s strategic partnerships provide a strong foundation for growth. The company’s focus on sustainability and governance aligns with global trends, potentially attracting further FDI and supporting Searefico’s IPO ambitions by 2028.Link
Conclusion
Searee Mechanical and Refrigeration’s strategic initiatives, backed by TOVH’s investment and Techcombank’s financing, position it to capitalize on the Danang Free Trade Zone’s opportunities. The Searee Industrial Building and new production lines underscore its commitment to sustainable growth, while Searefico Group’s broader strategy aims for leadership in Vietnam’s industrial sector. Despite regulatory risks, Searee’s focus on governance, sustainability, and international partnerships sets a strong foundation for achieving its 2028 goals, including a potential IPO.