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Hoa Phat leads the Vietnamese steel industry in Fortune Southeast Asia 100

Hoa Phat leads the Vietnamese steel industry in Fortune Southeast Asia 100

Steel NewsDate: 02-07-2024 by: Ngoc Cam

Hoa Phat is one of 70 Vietnamese enterprises included in the 2024 Fortune Southeast Asia 500 list.

On June 18, Fortune magazine announced the ranking of the 500 largest enterprises in Southeast Asia in 2024 based on revenues for the fiscal year 2023. Hoa Phat Group excelled at the 76th position on the list, making it one of 13 Vietnamese companies in the Top 100. This is the first time such a ranking has been conducted to honor companies with impressive growth in the region.

Hoa Phat Group is 76th among Southeast Asia’s top enterprises in 2024
Hoa Phat Group is 76th among Southeast Asia’s top enterprises in 2024

Hoa Phat is in the top 100 largest companies in Southeast Asia

This ranking includes 500 companies from 7 countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, Philippines and Cambodia, reviewing over 57 fields including aviation, textiles, chemicals,... Hoa Phat Group ranked 76th, leading among 5 other Vietnamese steel enterprises also on the list, including Hoa Sen Group, Vietnam Steel Corporation, Nam Kim and Ton Dong A.

According to Fortune, Hoa Phat's revenue in 2023 reached 4.99 billion USD, with a profit after tax of 287 million USD. In 2023, Hoa Phat recorded 120,355 billion VND in revenue and 6,800 billion VND in profit, of which the steel segment (including iron and steel and steel products) accounts for 94% of revenue and 92% of profit after tax. Notably, Hoa Phat is also in the top 60 countries with the largest crude steel production in the world, with 6.7 million tons. Hoa Phat contributed over VND 9,000 billion to the government budget and was voted Top 1 largest private enterprise and ranked 8th in the Top 10 largest enterprises in Vietnam in 2023. Hoa Phat continues to maintain its leading position in the Vietnamese steel market, achieving VND 31,000 billion in revenue and VND 2,869 billion in post-tax profit in the first quarter of 2024.

Hoa Phat leads in Vietnamese steel industry, making major global and local impacts in 2023
Hoa Phat leads in Vietnamese steel industry, making major global and local impacts in 2023

Hoa Phat holds the No. 1 position in Vietnamese steel industry

With a crude steel capacity of 8.5 million tons/year, Hoa Phat is currently the largest steel producer in Vietnam and Southeast Asia. In 2023, sales volume of HRC steel products was 2.8 million tons, construction steel and high quality steel recorded 3.78 million tons, an increase of 6% compared to 2022. Hoa Phat also holds the No. 1 market share in construction steel and steel pipes, with 34.7% and 28.27% respectively. Coated steel products are also among the top 5 market shares in Vietnam.

In the export market, Hoa Phat has exported many steel products to 30 countries and territories across 5 continents. Hoa Phat has invested in the most modern production lines, providing a series of high quality steel grades such as 30MnSi, SWRH82B, SWRH62A, SWRH72A, SWRH82A, SWRH82ACr, DBIC B500B, SWRY11, ER70S-6... Currently, Hoa Phat is the only Vietnamese enterprise that can produce hot rolled coil steel (HRC) and DBIC B500B steel. In mid-2023, Hoa Phat's HRC received CE Marking certification - fully qualified to export to Europe.

Hoa Phat dominates with top market shares and global reach in steel production
Hoa Phat dominates with top market shares and global reach in steel production

Over the years, HPG has continuously received many large orders from trading partners and customers at fastidious markets such as Europe and America. A number of large customers, who originally purchased specialized products requiring high quality from the US, have now trusted Hoa Phat as a reputable supplier, replacing domestic sources. MRS Steel is Hoa Phat's strategic partner in exporting Vietnamese steel, providing consulting support and resolving purchasing barriers for importers. If you are interested in learning more about Hoa Phat steel production capacity and products, please contact MRS Steel via Email: vanloc@mrssteel.com.vn or Whatsapp: +84 769 112 358.

Compliance with strict quality control procedures and origin principles has enhanced the quality and position of Hoa Phat’s products in both domestic and international markets. With the title Fortune Southeast Asia 100, Hoa Phat will continue to build trust with customers.