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Top 7 largest steel companies in Vietnam (2022 update)

Top 7 largest steel companies in Vietnam (2022 update)

Monday 02, 05 2022
Based on business results in the previous year as well as non-financial indicators, the list of top largest steel companies in Vietnam is made by VietnamCredit on an annual basis. This year, Hoa Phat is the largest steel company in Vietnam, according to VietnamCredit.

1. HOA PHAT GROUP         

Hoa Phat is a leading industrial production group in Vietnam. Initially, the company specialized in trading construction machines in 1992. Since then, Hoa Phat has expanded into other fields such as furniture, steel pipes, construction steel, refrigeration, real estate and agriculture. On November 15, 2007, Hoa Phat officially listed shares on Vietnam stock market with stock code HPG.

Currently, the group operates in 05 fields: iron and steel (construction steel, hot rolled coil), steel products (including steel pipes, galvanized steel, wire drawing, prestressed steel), agriculture, real estate, and household appliances. Steel production is the core business, accounting for 90% of the Group's revenue and profit. With a capacity of 8 million tons of crude steel per year, Hoa Phat is the largest steel producer in Southeast Asia.

Hoa Phat Group holds the largest market share in Vietnam for construction steel, steel pipes and Australian beef. Currently, Hoa Phat market capitalization is USD 11 billion, among the top 15 steel companies with the largest market capitalization in the global steel industry.

In 2021, Hoa Phat Group's revenue reached a record of VND 150,800 billion, an increase of 65% compared to 2020. Profit after tax reached VND 34,520 billion, an increase of 1.56 times.

Hoa Phat sets a business plan for 2021 with a target consolidated revenue of VND 120,000 billion and a target profit after tax of VND 18,000 billion, an increase of 33.15% and 33.27% respectively compared to the performance in 2020. .

In the past year, Hoa Phat has supplied to the market a total of 8.8 million tons of steel including billet, construction steel, hot rolled coil, steel pipe and galvanized sheet, up 35% over the same period.

Hoa Phat

The group said it has boosted exports with 2.6 million tons of products of all kinds, double that of 2020, thereby helping to diversify consumption markets when the domestic market is affected by the Covid-19 pandemic.

Hoa Phat's market shares of construction steel and steel pipe in Vietnam are 32.6% and 24.7% respectively.


FHS has a registered investment capital of USD 12,787 billion. While most businesses are devastated by difficulties caused by the Covid-19 epidemic, this company is quite prosperous in production and business.

By the end of 2021, FHS had reached a revenue of about USD 5 billion, up 76% compared to 2020. The estimated profit for the whole year is over USD 1 billion. This is the highest profit after 5 years of FHS stabilizing production.

According to a representative of FHS, China's cancellation of export tax refund and Russia's increase in export tax helped this business benefit. In 2021, FHS's billet output reached 6.4 million tons, and steel product consumption reached 6.3 million tons. In addition to supplying domestic customers, FHS is focusing on promoting and maintaining supply-demand relationships with foreign hot-rolled coil and coil businesses.



Hoa Sen Group was established by Mr. Le Phuoc Vu  on August 8, 2001 under the name Hoa Sen Joint Stock Company, with the initial charter capital of VND 30 billion, 22 employees and 3 branches. In 2003, the number of branches increased to 34, mainly located in the Southwest, Southeast and Central Coast regions.

In the period from 2005 to 2007, Hoa Sen Group put into operation galvanized sheet production line I with a capacity of 50,000 tons/year at Song Than 2 Industrial Park, Binh Duong province, NOF technology plating line with designed capacity of 150,000 tons/year and inaugurated Hoa Sen cold-rolled steel factory with designed capacity of 180,000 tons/year.

In 2007, the company changed its name to Hoa Sen Group Joint Stock Company and in 2008, Hoa Sen's shares were officially listed on the Ho Chi Minh City Stock Exchange.

Hoa Sen Group

At the end of the fiscal year 2020 - 2021, the company’s sales volume reached 2,253,733 tons, completing 125% of the plan, increasing by 139% over the same period.

Net revenue reached VND 48,727 billion, completing 148% of the plan, increasing by 177% over the same period. Profit after tax had an impressive growth, reaching VND 4,313 billion, completing 288% of the plan and reaching 374% over the same period.


Vietnam Steel Corporation was established on the basis of merging the production and business units of Vietnam's steel industry, namely Metal Corporation and Steel Corporation. The establishment of Vietnam Steel Corporation (VNSTEEL) is associated with the development history of the country and of the metallurgical industry, laying a solid foundation for the development of the domestic steel industry. Currently, VNSTEEL operates under the model of a joint stock company with more than 50 affiliated units, subsidiaries and associated companies.

VNSTEEL operates mainly in the production and trading of steel, materials and equipment related to the steel industry. In addition, the company also participates in other business activities such as financial investment, port operation and forwarding services, warehouses, factories, offices, houses; investment and business in infrastructure of industrial parks, urban areas and real estate, etc.

VNSTEEL system consists of units with close relationships in terms of economic, financial, technological, supply, consumption, service, information, training, research, marketing, import and export interests. Currently, enterprises in VNSTEEL system supply over 50% of construction steel demand and about 30% of domestic cold-rolled steel demand.

Vietnam Steel Corporation

Vietnam Steel Corporation also grew well in 2021. The company recorded net revenue of VND 40,552 billion, up 30% compared to 2020. Profit after tax was VND 951 billion, the highest in history and increased by 74% compared to 2020.


China Steel & Nippon Steel Vietnam Joint Stock Company (CSVC) is one of the  most advanced steel manufacturing companies in the world, located in Ba Ria-Vung Tau province, Vietnam. The company was established on the basis of a joint venture between the leading steel corporations in the global steel manufacturing industry of Japan and Taiwan, of which China Steel Corporation (CSC) and Nippon Steel Corporation (NSC) are the two largest shareholders.

China Steel & Nippon Steel Vietnam

With advanced technology and high-tech equipment imported from parent companies, CSVC is currently focusing on producing and trading 04 main products: rusted & oiled coated steel coil, rolled steel coil cold rolled steel, galvanized coil and electromagnetic coil. CSVC's products have high applicability, are widely used in many fields, serving automobile manufacturing, electronic equipment, mechanical parts, machinery and equipment, home appliances, construction and many other industries.


Posco Vietnam Co., Ltd was established on November 15, 2006 in Phu My 2 Industrial Park, Ba Ria - Vung Tau province. Posco Vietnam Co., Ltd. was established with the main mission of stably supplying raw materials with the best quality not only in Vietnam but also in Asian countries such as China, India, Thailand, Indonesia, Malaysia.

Posco Vietnam Co., Ltd

Posco's steel mill has an average capacity of 1.2 million tons/year. Posco is currently considered as the leading enterprise in Vietnam in terms of market share of production (84%) as well as export (99%) of cold rolled steel. Posco's cold-rolled steel factory is currently applying environmental protection methods with a system of equipment to prevent dust, filter dust, recover and treat solid waste and wastewater, reduce noise.


Ton Dong A Joint Stock Company is a company specializing in the production of cold rolled steel, zinc corrugated iron, cold corrugated iron, colored corrugated iron, galvanized steel box for industrial and civil construction, transportation infrastructure, and home appliances.

The company was established in 1998 with the name Dong A Co., Ltd., then changed to Ton Dong A Co., Ltd. in 2004. In 2009, the company became a joint stock company to suit the new situation and integrate into the general development of the country and the world.

In 2021, Ton Dong A achieved net revenue of VND 25,262 billion and profit after tax of VND 1,210 billion, up 104% and 323% respectively compared to the previous year. This excellent result was due to the company promoting export sales channels. Revenue from foreign markets accounted for 55% of total consolidated revenue.

Ton Dong A Joint Stock Company

The consolidated financial statements for the first quarter of 2022 show that Ton Dong A recorded net revenue of VND 6,314 billion, up 39% over the same period last year. Gross profit margin reached 8.57%. Profit after tax in the last quarter was recorded at VND 204.6 billion, up 11.4%.

As of March 31, 2022, the company’s total asset value was nearly VND 15,400 billion, up 21.8% compared to the end of 2021. Long-term assets accounted for 21.3% of total assets while liabilities account for nearly 74% of total capital.

Henry Tran - VietnamCredit



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