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Hoa Phat Group’s 2025 annual report highlights clear profitability differences across its business segments. The agricultural segment delivered the highest return on equity (ROE), while steelmaking and related products remained the dominant driver of revenue and most of the group’s net profit.
In 2025, Hoa Phat Group recorded revenue of 158,332 billion VND and after-tax profit of 15,515 billion VND, up 13% and 29% year-on-year (YoY), respectively.
In the group’s activity breakdown, steelmaking and related products continued to lead, contributing 93% of total revenue and about 83% of net profit after tax.
For 2025, total steel shipments reached 10.6 million tonnes. Hot-rolled coil (HRC) production exceeded 5 million tonnes, accounting for about 60% of domestic production. Construction steel and high-grade steel totaled 5.52 million tonnes, representing about 37% of the domestic market.
Despite large production volumes, steel segment margins were directly affected by fluctuations in iron ore and coke prices, which account for 72% to 75% of cost of goods sold.
With the Dung Quất 2 project completed in September 2025, crude steel capacity rose to 16 million tonnes per year. The group also began construction of a rail steel plant with an investment of 10 trillion VND.
Hoa Phat Agriculture Development JSC (HPA) posted after-tax profit of 1,600 billion VND in 2025, up 55% YoY. Although agriculture accounted for only 5% of group revenue, it contributed 10% of total after-tax profit.
ROE in the agriculture segment reached 50.3%, significantly higher than the group’s average ROE of 11.8%.
Within the agriculture segment, the swine farming sub-segment contributed 67% of HPA’s total profit, with ROE of 83% for the sub-unit. Farm productivity reached 33–34 piglets per sow per year, supported by genetic technology.
The Australian cattle segment recorded a nine-fold profit increase compared with the prior year.
The poultry segment maintained production of 336 million eggs, helping preserve market share in the Northern region.
Industrial real estate also plays a role in the profit structure, representing 7% of profits while accounting for only 1% of revenue. The group currently manages seven industrial zones with more than 2,200 ha of land, and occupancy in key zones such as Phố Nối A and Hòa Mạc remained at 99–100%.
On financial governance, the board pledged not to issue additional shares during 2026–2030 and to prioritize using internally generated capital for expansion projects, aiming to avoid shareholder dilution.
Looking ahead to 2026, Hoa Phat plans to consolidate its production base as Dung Quất 2 comes online, targeting total crude steel capacity of 16 million tonnes by the end of the year.
For agriculture, the group is taking a cautious stance, setting a net profit target of 1,005 billion VND for 2026, down 37% from the 2025 level. The target reflects forecasts of feed ingredient price volatility due to global geopolitical conditions and pressure from rising borrowing costs.
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