Vietnam-based steel producer Hoa Phat Group has announced its financial and operational results for the third quarter and first nine months of 2026, reporting significant year-on-year increases in steel production, sales and profitability.
In the third quarter, the company's revenue increased by 70 percent year on year to VND 62.67 trillion ($2.43 billion), while its net profit rose by 106 percent to VND 8.27 trillion ($320.5 million).
During the first nine months, revenue totaled VND 171.54 trillion ($6.65 billion), up 54 percent year on year, while net profit increased by 104 percent to VND 23.75 trillion ($920.6 million).
Accordingly, Hoa Phat achieved 82 percent of its full-year revenue target of VND 210 trillion ($8.14 billion) and exceeded its annual net profit target of VND 22 trillion ($852.7 million) by eight percent. The steel segment accounted for 97 percent of the group's revenue and 77 percent of its profit during the nine-month period.
Hoa Phat stated that its annual steel production capacity currently stands at 16 million mt, mainly comprising HRC and high-quality steel products. Construction of the company's Dung Quat Rail and Special Steel Plant, which will have an annual production capacity of 700,000 mt, is more than 80 percent complete. The facility is expected to begin supplying railway rails to the market in the second quarter of 2027, targeting major infrastructure projects in Vietnam.
