Galvanized steel major Ton Dong A files for HCMC bourse listing

Ho Chi Minh City Stock Exchange (HoSE) has received an application from Ton Dong A, a leading galvanized steel manufacturer in Vietnam, to list 149 million shares (code: GDA), with a par-value-based listing value of VND1.49 trillion ($56.55 million).

The company’s shares are currently traded on the unlisted public companies market UPCoM under the same ticker.

Ton Dong A had planned an IPO and HoSE listing in 2023, but withdrew its application in April that year, citing weak macroeconomic conditions that hurt sector-wide and company performance in 2022. It said it did not meet listing requirements under Clauses a and c, Article 109 of the government's Decree 155/2020.

GDA shares were moved to UPCoM in September 2023, before the board of directors approved a plan to shift to HoSE in early October 2025.

Founded in 1998, Ton Dong A produces galvanized steel sheet, aluminium-zinc alloy-coated steel, pre-painted steel, and cold-rolled painted steel.

Its plants have a combined capacity of around 800,000 tons a year, placing the company among the top two players in Vietnam’s coated steel market and top three exporters (2024 data).

The company’s earnings dipped in 2022 but have since recovered. It reported net profit of VND284 billion ($10.77 million) in 2023, rising to VND342 billion in 2024 and VND235 billion ($8.91 million) in the first nine months of 2025.

As of September 30, total assets had stood at nearly VND11.56 trillion ($438.38 million), including nearly VND3.28 trillion in cash and deposits and VND3.8 trillion in inventories. Total borrowings amounted to over VND6.18 trillion, nearly 1.6 times its equity of VND3.91 trillion.

At its June 2025 annual shareholders’ meeting, board member Pham Quoc Thang said the company plans to invest in a new coated-steel plant (Plant No. 4) to add 1.2 million tons of annual capacity; a pipe and box-steel plant (Plant No. 5) to add 150,000 tons; and an expansion of Plant No. 3 to add 50,000 tons. Plant No. 4 is expected to complete procedures and break ground in Q4/2025.

Ton Dong A targets revenue of VND18 trillion ($682.7 million) and net profit of VND300 billion ($11.38 million) for 2025. After nine months, it had achieved 66% of the full-year revenue goal and 78% of the profit target.

GDA shares are trading around VND17,000 ($0.64) each, valuing the company at VND2.49 trillion ($99.44 million).