Hoa Phat Steel affirms its leading position

Fortune magazine has just announced the “Southeast Asia 500” 2025 – an annual ranking of the largest enterprises in Southeast Asia by revenue. Notably, Hoa Phat Group (HPG) rose 14 places, from 76th in 2024 to 62nd, becoming one of 12 Vietnamese representatives in the Top 100 and included in a total of 76 Vietnamese enterprises honored this year – an increase of six enterprises compared to the previous ranking.

"Steel King" Hoa Phat affirms its leading position

According to Fortune, Hoa Phat's consolidated revenue in fiscal year 2024 will reach 5.54 billion USD, after-tax profit of 479 million USD and total assets of 8.8 billion USD (as of December 31, 2024) - numbers that are enough to bring the group into the group of 70 leading enterprises in the region.

If converted, Hoa Phat's revenue in 2024 will reach VND 140,560 billion, up 17% compared to 2023; after-tax profit will be VND 12,020 billion, up 77% and exceeding the annual plan by 20%. The steel sector - a historical pillar - continues to contribute 93% of revenue and 86% of profit, affirming the role of "money printing machine" for the group.

The spectacular rise also reflects the resilience of Vietnam’s steel industry in the face of recovering demand for infrastructure and real estate and the trend of shifting supply chains to Southeast Asia. With its new position, Hoa Phat not only maintains its No. 1 position domestically but also strengthens its influence regionally.

In the first quarter of 2025, Hoa Phat recorded revenue of VND 37,900 billion and after-tax profit of VND 3,300 billion, up 22% and 16% respectively over the same period in 2024, completing 16% of the annual profit plan. Crude steel output reached 2.66 million tons (up 25%), of which construction steel, HRC and high-quality steel shipped 2.38 million tons - an important milestone when the Dung Quat 2 project began to produce products.

From the end of 2025, Hoa Phat's designed capacity will reach 15 million tons of steel per year, focusing on hot-rolled steel and high-quality mechanical steel. The Group currently holds the No. 1 market share in the country and exports to 40 countries and territories; in 2024 alone, it paid more than VND 13,400 billion to the state budget, won the National Brand title seven times in a row and was in the Top 3 largest private enterprises paying taxes in the country.

In addition to steel, Hoa Phat is diversifying into steel pipes, color-coated steel, mechanical engineering, household appliances and agriculture - areas that are expected to reduce the amplitude of steel price cycles. The 2025 plan sets a revenue target of VND170,000 billion and profit of VND15,000 billion; at the same time, implementing a series of metal-green energy complex projects to take advantage of the potential for exporting "green steel" to demanding markets.

The 14-place jump in the Southeast Asia rankings is a major milestone, affirming Hoa Phat's management capacity, financial strength and scale advantage. With a strategy of expanding capacity, diversifying product portfolio and investing in environmentally friendly technology, the Vietnamese "steel king" is facing a great opportunity: not only maintaining its domestic position but also reaching out to dominate the regional high-quality steel supply chain, while contributing to raising the brand of Vietnamese enterprises on the international business map./.

Source: https://baodaknong.vn/thep-hoa-phat-khang-dinh-vi-the-dan-dau-256307.html