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Hoa Phat Group Joint Stock Company (HPG) held its 2026 Annual General Meeting (AGM) of shareholders with 1,300 attendees and representatives holding more than 5 billion shares, equivalent to 68% of voting rights. Shareholders approved all agenda items, including the 2026 business plan, dividend targets, the 2026–2031 board of directors, and allocations to reserve funds.
Shareholders approved the 2026 business plan with revenue of VND 210,000 billion, up 32.6% year-on-year (YoY). The projected net profit after tax is VND 22,000 billion, up 41.8% YoY. The AGM also approved the 2026 dividend payout ratio target and other related resolutions.
At the meeting, Chairman Tran Dinh Long highlighted positive factors supporting the group’s growth outlook. He said the core steel business is expected to perform well in 2026, supported by global demand trends and early gains from major investment projects, including the Hoa Phat Dung Quat iron and steel complex.
In 2025, Hoa Phat reported revenue of VND 158,332 billion and net profit after tax of VND 15,515 billion, up 13% in revenue and 29% in profit versus 2024. Steel production remained the core contributor, accounting for 93% of group revenue. The group’s steel sales volume exceeded 10 million tons for the first time, up 25% YoY, while hot-rolled coil (HRC) growth was over 70%.
Hoa Phat maintained Vietnam’s No.1 market share in construction steel and steel pipes, at 36% and 31.2% respectively.
For Q1 2026, Hoa Phat reported revenue of over VND 53,300 billion and net profit after tax of over VND 9,056 billion, up about 40% and 170% respectively compared with Q1 2025. The group produced about 3.3 million tons of crude steel, up 25% from Q1 2025 and up 8% from late-2025. Sold steel products reached about 3 million tons, up 26% YoY.
Construction steel and high-grade steel coils totaled 1.4 million tons in Q1, up 20% YoY and 8% quarter-on-quarter (QoQ). Hoa Phat’s steel market share remained at 36% in Vietnam, and its products were sold in more than 45 countries.
HRC sales exceeded 1.4 million tons, up 40–50% YoY. Domestic demand accounted for roughly 80% of HRC consumption. The group also supplied 241,000 tons of pipes and 106,000 tons of galvanized steel sheets in Q1, up 30% and 19% respectively.
Management reiterated the group’s goal of 15% compound annual growth from 2026–2031. To achieve this, Hoa Phat will continue investing in steel and expanding high-grade and special steels, including rail steel, automotive steel, cold-rolled steel, prestressed steel, non-alloy spring steel, and energy sector steel.
The AGM highlighted progress on the Hoa Phat rail and special steel plant at Dung Quat, with a designed capacity of 700,000 tons/year. Three months after groundbreaking, construction is 35% complete. Commissioning is planned to begin in June, with rail steel products expected to enter the market in Q1 2027. Management said very few European suppliers can produce rail lines at similar scales, and Hoa Phat has partnered with technology and equipment providers and engaged TÜV SÜD (Germany) for rail safety testing. The rail line is expected to meet market supply by mid-2027.
In agriculture, the segment contributed about 3.8% of first-quarter results. Hoa Phat aims to optimize farm and processing plant efficiency, targeting 900,000 fattened pigs per year by 2030 and 1 million tons of feed capacity per year.
In real estate, Hoa Phat is preparing to initiate the Ly Truong Kiet industrial park (Hung Yen) and Hoang Dieu industrial park (Hai Phong). Management also said the company plans high-liquidity, affordable urban projects, while remaining cautious and focusing on core projects near prime locations, including participation in a joint venture for the Red River corridor landscaping project to transform Hanoi’s urban landscape.
In consumer electronics, Hoa Phat is investing to build a new refrigerator plant at Phu My Industrial Park (Ho Chi Minh City) and a circuit board production system at Hoa Mac IP to support product self-reliance. Management noted the segment’s revenue contribution remains small, while stating Hoa Phat is among Vietnam’s leading domestic producers of consumer appliances. It cited that 2025 revenue was five times that of 2021 and that it was the first Vietnamese company to export refrigerators to the United States.
Management addressed questions on geopolitical tensions, tariffs, and future dividend policy. Chairman Tran Dinh Long said the group will closely monitor global markets and commodity cycles to mitigate risks, while prioritizing the domestic market. He noted that exports are planned to remain below 20% of total sales to diversify risk.
For dividends, Hoa Phat plans to distribute 2026 dividends at a 15% rate to strengthen cash resilience amid volatile global conditions, including U.S. tariff policy.
The AGM approved the 2026–2031 Board of Directors composition of 10 members, including three independent directors. The board includes: Tran Dinh Long (Chairman), Tran Tuan Duong (Vice Chairman), Nguyen Manh Tuan (Vice Chairman), Doan Gia Cuong (Vice Chairman), Nguyen Viet Thang (Board member and CEO), Nguyen Ngoc Quang (Board member), Hoang Quang Viet (Board member), Chu Quang Vu (Independent), Dang Ngoc Khanh (Independent), and Ta Tuan Quang (Independent).
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