Manila Water Company has signed a development agreement with REE Corporation and Mitsubishi Corporation to study and evaluate private participation in water, wastewater and other environmental services projects in Vietnam. In a disclosure to the Philippine Stock Exchange (PSE) Friday, the firm said the studies will have particular focus on Ho Chi Minh City and its surrounding areas. The move is part of its plans to expand its business in Vietnam. “The agreement sets forth the principles which will govern the relationship among Manila Water, REE Corporation and Mitsubishi Corporation with respect to the projects that they will pursue during the development period,” MWC said. Based on Ho Chi Minh City, REE Corporation is one of the largest mechanical and civil engineering groups incorporated in Vietnam while Mitsubishi is one of the world’s largest technological groups. Through this initiative, MWC said it looks forward to completing its existing management contract to reduce leakage in Ho Chi Minh City as it expands its footprint in Vietnam. Last year, MWC was awarded a 5-year contract for the performance-based leakage reduction and management services in Ho Chi Minh City worth about $15 million. The firm said the project is under the Ho Chi Minh City non-revenue water management sub-project under the Vietnam Urban Water Supply Development Project, and IDA loan from World Bank. Manila Water bested international group Biwater Man Lee Ltd.; Joint Venture of Eastern Water-Universal Utilities and Water and Environment; Joint Venture of Salcon Engineering Berhard-Wide Bay Water and Joint Venture Singapore PUB, LCCE, Pan Asia Water Solutions and VIWASEEN, for a 5-year contract, Performance-based Leakage Reduction and Management Services in Ho Chi Minh City, Vietnam.
