Vietnam steel major Hoa Phat’s net profit may reach $1 bln with new mill
Hoa Phat Group, which claims to be the biggest steel producer in Vietnam and Southeast Asia, may record a net profit of VND20-25 trillion ($793-991 million) when its new mill in the central region becomes fully operational, according to Vietcombank Securities (VCBS).
Hoa Phat Group's (HoSE: HPG) revenues are projected to reach VND175-200 trillion ($6.94-7.93 billion) when its Dung Quat 2 steel complex in the central province of Quang Ngai enters full operation, VCBS said in a recent report.

A view of the Dung Quat 2 steel complex of Hoa Phat Group in Quang Ngai province, central Vietnam, pictured in August 2024. Photo courtesy of the company.
The complex may churn out the first products in a test run earlier than initially expected, in Q4 this year, and its first phase may become operational in Q1/2025. The second phase may undergo a test run in Q3/2025 and start official operation in Q4.
With an annual capacity of 5.6 million tons, the Dung Quat 2 complex will provide a big boost for Hoa Phat in 2025, said VCBS.
The complex’s sales volume is projected to reach 1.5 million tons in 2025, 4 million tons in 2026, and gradually increase to 5 million tons in 2027 and 6 million tons in 2028.
The operation of the new mill may coincide with the Vietnamese government’s decision to levy an anti-dumping tax on Chinese hot-rolled coin (HRC) steel. “We reckon that HPG’s HRC sales depend greatly on the [Vietnamese] government’s HRC protectionism. A final decision on [anti-dumping tax] will be positive for the company.”
HPG said it booked a net profit of VND3,022 billion ($119.78 million) in Q3/2024 on revenue of VND34 trillion, up 51% and 19% year-on-year, respectively.
In Q4, the group’s earnings will likely improve as construction activity is forecast to accelerate after the Chinese central bank announced the biggest stimulus package since Covid-19 to revive the real estate market.
Meanwhile, the world iron ore price dropped to $91 a ton in Q3, and coal prices touched a three-year low at $186 a ton. Therefore, HPG’s profit margin is expected to improve in the time ahead, said VCBS.
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