Hoa Phat Group, a leader in Vietnam's steelmaking industry, has reached an impressive milestone, posting its highest net profit in two years. The company's 2024 net profit hit VND12.02 trillion ($479.27 million), marking a 77% increase from 2023. This growth surpassed its projected profit by 20%, highlighting its robust market position.
In addition to profit gains, Hoa Phat saw a 17% year-on-year rise in revenue, reaching VND140.56 trillion ($5.6 billion), which aligned with its set goals. Contributing significantly to the national economy, the company added VND13.4 trillion ($534.29 million) to Vietnam’s state budget in 2024.
A key driver of Hoa Phat's stellar performance was its surge in raw steel production, which jumped by 30% compared to the previous year, totaling 8.7 million metric tons. Steel sales also rose by 20%, reaching 8.1 million metric tons. Hoa Phat’s market dominance is particularly evident in its long steel and steel pipes sectors, where it commands shares of 37.6% and 27.7%, respectively.
The company’s steel products continue to play a critical role in major infrastructure projects, including airports and metro systems in Hanoi and Ho Chi Minh City. With a diverse export portfolio, Hoa Phat expanded its reach to 40 countries, contributing to 31% of its revenue in 2024.
Additionally, Hoa Phat is making strategic investments in industrial real estate, owning over 1,100 hectares of industrial land, aimed at attracting foreign direct investment. The company is also expanding its infrastructure footprint, with plans for three new industrial parks and the completion of its Hoa Phat Dung Quat 2 Iron and Steel Production Complex in the central province of Quang Ngai. This new project, covering 280 hectares, will boost Hoa Phat’s steel production capacity to 14.5 million metric tons annually, including 8.6 million metric tons of high-quality hot-rolled coil steel.
This growth trajectory positions Hoa Phat Group as not only a national leader but also a global player in the steel industry, reflecting its strategic investments and strong operational performance.
