HCMC – Hoa Phat Group (HOSE: HPG) looks to expand at least 15% annually through 2030, said chairman Tran Dinh Long.
Speaking at a meeting with Prime Minister Pham Minh Chinh during his visit to the Hoa Phat Dung Quat Iron and Steel Production Complex in Quang Ngai Province on February 9, Long said the company had invested US$7 billion equivalent in the Dung Quat Economic Zone.
The investment includes the Hoa Phat Dung Quat Steel Complex and the Dung Quat 2 steel complex, with a total investment of VND171 trillion.
Hoa Phat, Vietnam’s largest steel producer, aims to make it to the list of the world’s top 30 steelmakers by the end of 2025. The company exports steel to 40 foreign markets and plans to expand its production of high-quality steel to reduce import dependence.
Since its Dung Quat project was put into operation in 2017, Hoa Phat has paid nearly VND35 trillion in taxes to the state budget. The company employs 17,000 people directly, with local workers making up over 80%. It also supports thousands of contractor and supplier jobs.
Long said Hoa Phat is prepared to supply steel for Vietnam’s high-speed rail project. The company committed to meeting quality, quantity, and timeline requirements while ensuring lower costs than imports.
He called on the Government to expedite land allocation for factory expansion to support steel supply for the Lao Cai-Ha Dong railway project.
Long also urged increased domestic mining to reduce reliance on iron ore imports. Hoa Phat currently imports 20 million tons of ore annually and expects to import another 10 million tons once its Phu Yen project is completed. At current prices, this represents about US$3 billion in annual imports.
Prime Minister Chinh acknowledged Hoa Phat’s contributions and called for continued investment in high-quality steel production, including steel for infrastructure projects such as the North-South high-speed railway.
Closing the trading session today, HPG dropped 4.69% to VND25,400, with the highest trading volume on the Hochiminh Stock Exchange, at nearly 61 million shares.
With 119 winners and 355 losers, the VN-Index dropped 11.94 points, or 0.94%, to close at 1,263.26 points on Monday as selling pressure on large-cap stocks increased. Trading volume reached nearly 795 million shares valued at VND18.9 trillion, both up more than 28% over the previous session. Block deals accounted for over 72.84 million shares worth VND1.61 trillion.
The VN30-Index, which tracks the 30 largest-cap stocks, fell 9.92 points to 1,330.88 points, with 16 bluechips declining and only nine advancing.
Steelmaker HPG led the losses, taking nearly two points away from the VN-Index. Besides HPG, HSG lost 4.5% to VND16,900, with 13.2 million shares traded. NKG declined 3.6% to VND13,500 with over 10 million shares changing hands.
Other large-cap stocks, including FPT, MWG, VHM, GVR, and VIC, also closed at session lows. FPT dropped 2.8% to VND142,000, with 7.75 million shares traded, the highest in over two months.
The Hanoi Stock Exchange saw 89 advancers and 91 decliners. The HNX-Index dipped 1.52 points, or 0.66%, to 227.97 points. Trading volume on the northern exchange reached 61.35 million shares valued at VND918.7 billion.
