Leading steelmaker Hoa Phat expands real estate footprint with new subsidiary in central Vietnam
Vietnamese conglomerate Hoa Phat Group (HoSE: HPG) has established a new real estate company in central Vietnam, marking its latest move to expand its property development footprint.
Hoa Phat Nha Trang Real Estate Development JSC was incorporated on January 14 and is headquartered in Khanh Hoa province, a key tourism and urban development hub in central Vietnam.
The company has an initial charter capital of VND240 billion ($9.14 million) and lists real estate development as its core business, alongside more than 100 ancillary business lines.
Under the initial ownership structure, Hoa Phat Real Estate Development JSC, a subsidiary of HPG, holds a controlling 65% stake, contributing VND156 billion ($5.94 million). Individual investor Vu Duc Sinh owns 34.99%, while Nguyen Ngoc Ha, who serves as both director and legal representative, holds the remaining 0.01%.
Illustration of Ly Thuong Kiet Industrial Park in Hung Yen province, northern Vietnam. Photo courtesy of Hoa Phat.
Just one week after incorporation, the company increased its charter capital to VND380 billion ($14.48 million), signalling early capital mobilization for upcoming projects in the coastal province.
The controlling shareholder, Hoa Phat Real Estate Development JSC, was established in 2020. To date, Hoa Phat Group has invested approximately VND10.6 trillion ($403.88 million) in the unit and retains a 99.8% ownership stake.
Hoa Phat’s real estate strategy focuses on industrial property and urban developments, leveraging the group’s construction materials ecosystem.
In urban real estate, the group has delivered several residential projects in Hanoi, including Mandarin Garden 1 and 2, an apartment complex at 70 Nguyen Duc Canh street, and a residential project at 257 Giai Phong street.
In industrial property, Hoa Phat had accumulated more than 2,435 hectares of industrial land as of October 2025. Its latest expansion followed approval for Phase 1 of the Ly Thuong Kiet Industrial Park in Hung Yen province, with total investment of VND2.8 trillion ($106.68 million).
In the third quarter of 2025, Hoa Phat’s property segment generated revenue of VND474 billion ($18.06 million) and profit of VND393 billion ($14.97 million), underscoring its growing role as a profit contributor alongside the group’s core steel business.
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