Heavyweight Hoa Phat benefits most from Vietnam's anti-dumping duty on China’s steel
Hoa Phat, Vietnam's biggest steel manufacturer, is the biggest beneficiary of the country's decision to impose an anti-dumping tax on hot-rolled coils (HRC) imported from China.

Hot-rolled coils (HRC) of Hoa Phat Group. Photo courtesy of the group.
The Ministry of Industry and Trade (MoIT) on Friday issued Decision No. 460/QD-BCT, imposing a temporary anti-dumping tax ranging from 19.38% to 27.83% on certain hot-rolled steel products (HRC) originating from China, while India is exempt from this tax. This decision takes effect on March 8 and will remain in effect for 120 days from the date of issuance.
On July 26, 2024, the ministry decided to launch an anti-dumping investigation into some hot-rolled steel products from India and China during the period from July 1, 2023 to June 30, 2024. The investigation was initiated based on complaints from domestic steel manufacturers accusing hot-rolled steel producers from India and China of dumping their products on Vietnam, causing damage to the domestic manufacturing industry.
On the HCMC Stock Exchange, HPG of Hoa Phat Group rose 4.73% to VND27,700 ($1.09) per share on Monday, after touching its celling price at several times. Meanwhile, other stocks in the same industry like SMC of SMC Trading Investment JSC, NKG of Nam Kim Steel, HSG of Hoa Sen Group, and GDA of Ton Dong A Corporation saw increases ranging from 1.24% to 2.99%.
According to Nguyen The Minh, head of research at broker Yuanta Securities, the Ministry of Industry and Trade’s move helps reduce competitive pressure, thus positively supporting the average selling price for domestic manufacturers like Hoa Phat Group. In 2024, competition from Chinese steel significantly impacted the sales and average selling price of domestic HRC.
However, the news has negatively impacted companies dependent on imported HRC materials, such as Hoa Sen Group and Nam Kim Steel. But Minh believes that these companies have prepared by shifting to domestic sources of supply. Additionally, their current inventory levels help ease the pressure from any potential price hikes of HRC in the domestic market.
Similarly, analysts from VPBank Securities (VPBankS) see this tax as very positive for domestic HRC manufacturers like Hoa Phat and Formosa Ha Tinh Steel Corporation as it is much higher than the usual price difference between Vietnamese and Chinese HRC (ranging from $15 to 45 per ton, or about 2.9% to 9%).
With the rates ranging from 19.38% to 27.83%, VPBankS said that Hoa Phat and Formosa will see will have strong HRC sale growth potential since these two companies currently meet only 39% of the demand.
According to Hoa Phat's report, domestic HRC production in 2024 reached 6.58 million tons, a 3% decrease from the previous year. Meanwhile, HRC imports totaled more than 12 million tons, up 30%. Hoa Phat contributed 44.5% of domestic HRC output, equivalent to 2.93 million tons, nearly 5% higher than in 2023.
Hoa Phat is preparing to bring Phase 1 of the Dung Quat 2 project into trial operation, which will help increase HRC production capacity to 6.8 million tons per year, up 70% from the current production levels.
In contrast, companies that rely on imported HRC, such as Hoa Sen and Nam Kim will face negative impacts. However, VPBankS notes that these companies have proactively reduced risks by diversifying their HRC input sources.
Additionally, their Q4/2024 financial statements showed higher-than-average inventory of raw materials and goods in transit, indicating that they had stocked up on HRC ahead of the decision.
Therefore, in the short term, the broker believes that the negative impact on the coated steel companies will be negligible. In the long term, these companies will have to accept using domestic HRC or sourcing from non-Chinese imports at higher prices.
According to Vietnam Customs, 2024 marked a record year for steel imports into Vietnam, with total foreign exchange expenditure on iron and steel products reaching $19.07 billion, an increase of 21% from the previous year.
Vietnam primarily imported steel from China, South Korea, and Japan. Notably, imports from China accounted for $12.03 billion, or 63% of the total, mainly in the form of HRC.
The Vietnam Steel Association (VSA) reported that Vietnam currently ranks 12th globally and leads the ASEAN region in steel production, with an estimated capacity of about 30 million tons in 2024. However, the steel industry is facing many difficulties due to the struggling real estate market, rising prices of raw materials, and large inventories, it noted.
According to the association, one of the reasons behind the sluggish sale of local steel products is the influx of imported steel from China. China is the world’s leading steel producer and exporter, with about 500 steel plants and a total capacity of approximately 1.17 billion tons of steel per year in 2023.
Over the past two years, China’s real estate market has stagnated, leading to an oversupply of steel, and Chinese steel manufacturers have been dumping their products on foreign markets, including Vietnam.
According to chairman Tran Dinh Long, Hoa Phat is currently the largest steel producer in Vietnam and is among the top 50 largest steel companies in the world. The group has exported products to 40 countries and territories.
The group is prioritizing completing and putting into operation the Hoa Phat Dung Quat 2 Iron and Steel Complex, located in Quang Ngai province. The goal is to be self-sufficient in production for key national projects, with particular focus on the North-South high-speed railway project in the 2026-2030 period.
When the complex is completed by the end of 2025, Hoa Phat's steel production capacity will reach 15 million tons per year, which is expected to place the group among the top 30 largest steel companies in the world.
- Read More
Vietnam cuts LNG import tariff to boost clean energy transition
The Vietnamese Government has reduced the preferential import tariff on LNG from 5% to 2% under a decree issued on March 31, which marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.
Southeast Asia - Fri, May 2, 2025 | 3:26 pm GMT+7
Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15
Vietnam's Ministry of Agriculture and Environment has proposed Prime Minister Pham Minh Chinh issue an action plan to address the European Commission's (EC) “yellow card” warning and prepare for the fifth EC inspection.
Southeast Asia - Fri, May 2, 2025 | 3:21 pm GMT+7
Vietnam's property market sees mixed prospects in Q2: analysts
Vietnam’s real estate market is expected to see positive developments in Q2, with developers launching new projects, but uncertainties from U.S. trade policies may influence market sentiment and consumer confidence, said analysts.
Real Estate - Fri, May 2, 2025 | 3:14 pm GMT+7
Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates
Vietnam’s Hai An Transport and Stevedoring JSC (HAH) reported after-tax profit of nearly VND274 billion ($10.54 million) in Q1/2025, skyrocketing 478% year-on-year, thanks to soaring shipping rates.
Companies - Fri, May 2, 2025 | 3:00 pm GMT+7
Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit
Hoa Binh Construction Group, one of Vietnam's top contractors, is negotiating a joint venture agreement with American partners to pave the way for implementing major projects in the U.S.
Companies - Fri, May 2, 2025 | 2:04 pm GMT+7
Northern Vietnam province Hai Duong to have first urban area-golf course complex
Hai Duong province's authorities have granted in-principle approval for the Lien Hong New Urban Area and Golf Course project, with a total investment of VND11 trillion ($423 million).
Real Estate - Fri, May 2, 2025 | 9:59 am GMT+7
Central Vietnam 'awakened' by major resort projects
From once-abandoned coastal lands to emerging resort-urban areas, central Vietnam is witnessing a strong resurgence of investment.
Real Estate - Fri, May 2, 2025 | 9:22 am GMT+7
Vietnam Airlines posts strong profit on international passenger surge, fuel price decline
National flag carrier Vietnam Airlines (HVN) said on Wednesday that it recorded consolidated pre-tax profit of around VND3.6 trillion ($138 million) on consolidated revenue of approximately VND31.1 trillion ($1.2 billion) in Q1/2025.
Companies - Fri, May 2, 2025 | 8:17 am GMT+7
S Korean firms pledge nearly $2 bln in new investments in Indonesia
South Korea's companies will increase their investment in Indonesia by $1.7 billion, Indonesian Economic Minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.
Southeast Asia - Thu, May 1, 2025 | 10:01 pm GMT+7
Malaysia develops sustainable semiconductor ecosystem
The Malaysian Investment Development Authority (MIDA), the Federation of Malaysian Manufacturing (FMM), and Bintang Capital Partners (Bintang Capital) on Monday announced a landmark MoU signed recently regarding the establishment of Bintang Semiconductor Impact Fund I (BSIF I).
Southeast Asia - Thu, May 1, 2025 | 9:59 pm GMT+7
Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR
The Centre for Economic and Business Research (CEBR), in its report World Economic League Table 2022, forecasts that Vietnam will become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036.
Southeast Asia - Thu, May 1, 2025 | 9:42 pm GMT+7
Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time
Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.
Companies - Thu, May 1, 2025 | 3:44 pm GMT+7
Work starts on expressway connecting Vietnam's Central Highlands with southeastern region
Construction on Tuesday began on the first component of Gia Nghia town (the Central Highlands province of Dak Nong)-Chon Thanh town (the southeastern province of Binh Phuoc) section of the North-South Expressway.
Infrastructure - Thu, May 1, 2025 | 2:46 pm GMT+7
Final sections of central Vietnam’s longest sea-crossing bridge joined
Authorities of Hue city in central Vietnam on Wednesday held a ceremony to celebrate the joining of the final sections of Thuan An sea-crossing bridge, a landmark infrastructure project with significant implications for local development and tourism.
Infrastructure - Thu, May 1, 2025 | 2:35 pm GMT+7
Lach Huyen port will achieve 70% of year's target in worst-case scenario: exec
Lach Huyen deep-water port, the largest of its kind in northern Vietnam, would see its cargo volume decline by 30-50% if the U.S. maintains its 46% reciprocal tariff on Vietnam and the U.S.-China trade tensions escalate, said CEO of Port of Hai Phong JSC (Hai Phong Port) Nguyen Tuong Anh.
Companies - Thu, May 1, 2025 | 12:24 pm GMT+7
Taiwan electronics firm Lite-On to invest extra $25 mln for expansion in Vietnam
Taiwan-based Lite-On Technology Corporation, a world leader in optoelectronics and power management solutions, will invest an additional $25 million in Vietnam as part of its expansion plan in the Southeast Asian country.
Industries - Thu, May 1, 2025 | 12:13 pm GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?