Vietnam's Hoa Phat reports profit surge in '24 and Q1 '25

Hoa Phat Group (HPG), a leading steelmaker in Vietnam, reported a 16% on-year rise in its revenues during 2024 to VND 140.56 trillion ($5.4 billion), while its net profits last year soared by 77% from 2023 to reach VND 12.02 trillion, according to the Hanoi-based company's report to shareholders.

The Group's steel segment remained the primary contributor, accounting for 93% of consolidated revenues and 86% of net profits, the report said. Within total revenues, steel exports remained a key driver, contributing 31% to the total, the HPG release noted. HPG continued to perform strongly in the first quarter of 2025, with notable