Steel maker Hoa Phat makes Forbes global 2000 largest list

Hoa Phat Group, Vietnam’s largest steel producer, has entered the world list of 2,000 largest companies, ranking 1564th, according to Forbes.

The giant was first recognized this year as the only Vietnamese manufacturer on the list, with the highest revenue and profit among five Vietnamese representatives.

Hoa Phat recorded a revenue of VND150,800 billion ($6.53 billion) and an all-time high net profit of $1.5 billion in 2021, up 65% and 156% respectively from 2020.

Return on sales (ROS) reached 23% in 2021, with $541 million contributed to the state budget, up 70% from 2020.

Its assets has tripled in four years, since its investment in Hoa Phat Iron and Steel Integrated Complex in Dung Quat Economic Zone, Quang Ngai province in 2017, according to the company.

Given the volatility of the Vietnamese stock market, Hoa Phat, listed on the Ho Chi Minh City Stock Exchange (HoSE: HPG), had its stock value fall 14.11% last week.

This movement pulled Chairman Tran Dinh Long’s net worth down by $298 million. But Long remains the second richest in Vietnam by stock market assets, after Vingroup Chairman Pham Nhat Vuong.

The stock market regulator, State Securities Commission, on Monday fined Hoa Phat Group VND125 million ($5,411) for failing to ensure an enough number of independent board members.

The other Vietnamese firms included in the Forbes Global 2000 largest list are all banks, namely Vietcombank at 950th, Vietinbank at 1560th, BIDV at 1605th, and Techcombank at 1874th.

Forbes collected latest financial data as of April 22, 2022 to rank businesses globally using four metrics, namely sales, profits, assets, and market value.

As a group, companies on the 2022 Global 2000 account for $47.6 trillion in revenues, $5.0 trillion in profits, $233.7 trillion in assets, and $76.5 trillion in market cap.

There are 58 countries represented on the 2022 list. Of this, the U.S. is the leading nation with 590 companies, followed by mainlandChina/Hong Kong with 351, and Japan with 196.