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At Hoa Phat's 2026 annual general meeting of shareholders, in response to questions about how Hoa Phat would react to the steel market now facing new competitors with new capacities, especially the presence of VinMetal, Hoa Phat's Chairman Tran Dinh Long gave candid views on the market outlook and how the company would respond to competitive pressure. The steel industry is a free market, and competition is inevitable. In light of the attention on the pressure from new entrants, Long affirmed that the steel production industry is a free-market business; anyone can participate. He added that it is natural for new brands to appear; specifically, last year he faced similar questions about other rivals; this year VinMetal, and next year there could well be more brands emerging to enter the market. In this context, the message from Hoa Phat's Chairman is: the group is ready to accept competition, doesn't see it as a problem, isn't overly worried but also not complacent. Turning competitive pressure into an internal reorganization motivator. Rather than fearing market share fragmentation, Long views the emergence of strong rivals positively. He said that often the very presence of competitors has a positive impact, creating a strong motivational force for the workforce. This competition will push managers and staff to not be lax; as a result, all departments within Hoa Phat must recalibrate the organization, invest deeply, and seriously review their activities. With the pressure, the organization gains the motivation to continuously improve and develop. In concluding remarks, Tran Dinh Long asserted: Anyone can enter the market, but I must say again that competing with Hoa Phat is not easy, after all.
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