Steel giant Hoa Sen sets up subsidiary in northern Vietnam
Hoa Sen Group (HoSE: HSG), one of Vietnam’s largest steel producers, has disclosed a board resolution approving the establishment of Hoa Sen Hai Phong One Member Limited Liabilities Company (HSHP), a wholly-owned subsidiary with charter capital of VND300 billion ($11.39 million).
HSHP’s headquarters will be located at Lot CN21-01 in the Nam Dinh Vu Non-Tariff Zone and Industrial Park (Zone 1), within the Dinh Vu-Cat Hai Economic Zone in Hai Phong city, northern Vietnam, according to the disclosure last Friday.
A coated steel plant of Hoa Sen Group. Photo courtesy of the company.
Its primary business will be the production of iron, steel and pig iron. The company has also registered a wide range of additional activities, including forging, pressing, stamping, and rolling of metals, and powder metallurgy; transportation support activities; intermediary services for freight transportation; and wholesale of metals and metal ores.
Others are wholesale of other construction materials and installation equipment; warehousing and storage of goods; real estate business and trading in land use rights; and manufacture of plastic products and basic chemicals.
It will operate as a stand-alone entity with separate accounting from its parent company.
In November, Hoa Sen decided to establish Hoa Sen Home JSC, with charter capital of VND1 trillion ($37.98 million) to expand its construction materials retail business.
Hoa Sen holds a 99% stake in the new company, headquartered in An Khanh ward, Ho Chi Minh City. The unit specializes in retailing hardware, paints, glass, and construction materials and fixtures.
In Q4 of the 2025 fiscal year, from July 1-September 30, 2025, Hoa Sen reported VND84.6 billion ($3.21 million) in after-tax profit, a 69% drop from the previous quarter and the lowest quarterly profit in the past year.
Even so, the result marks an improvement from a VND186 billion ($7.06 million) loss in the same period a year earlier.
On the Ho Chi Minh Stock Exchange (HoSE), HSG shares closed at VND16,050 ($0.61) apiece on Monday.
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