HOA PHAT STEEL SHEET CO., LTD: A Steel Subsidiary Struggling to Regain Its Shine

HOA PHAT STEEL SHEET LIMITED LIABILITY COMPANY, a core subsidiary of Vietnam’s leading steel conglomerate, operates as a one-member limited liability company owned entirely by HOA PHAT STEEL PRODUCTS JOINT STOCK COMPANY. Founded on April 26, 2016, and legally registered under Tax Identification Number 0900990134, the company is headquartered in Pho Noi A Industrial Park, Hung Yen Province, with a representative office in Hanoi. It focuses on manufacturing galvanized and coated steel sheets for Vietnam's construction, industrial, and consumer goods sectors.

The company reported USD 318.86 million in sales in 2023, a significant 21.33% drop from the previous year. Despite that decline, profit rebounded by 71.5% to reach USD 18.58 million, showcasing improved cost management or pricing strategies after a rough 2022. However, equity continued to shrink, down 6.17% to USD 100.75 million, and total assets only modestly rose to USD 240.5 million. These mixed signals—shrinking top-line growth, a rebound in profit, but a fall in equity—suggest that the company may be navigating a post-pandemic industry slowdown or internal structural shifts.

With 600 employees and broad business registrations including structural steel, metal coatings, machinery wholesale, and even plastic and concrete production, HOA PHAT STEEL SHEET CO., LTD reflects the aggressive vertical integration strategy of its parent, Hoa Phat Group. Yet, the sharp revenue contraction over the past two years raises concerns about domestic oversupply, thinner margins, or broader challenges in Vietnam’s construction sector. For partners, banks, or suppliers seeking a risk-adjusted perspective, Vanguard Business Information LLC (VBI) provides in-depth reports on this company, covering financial trends, ownership structure, and commercial credit assessments.