Hoa Sen Group is seeking to lease 300-500 factory premises with an area of 1,200-3,000 sq. m, a minimum frontage of 30 m, and a prime location for a term of at least 10 years. This move is part of their strategy to expand their Hoa Sen Home construction materials and furniture superstore chain. At the recent Annual General Meeting of Shareholders, Mr. Le Phuoc Vu, Chairman of the Board of Directors, stated that the development of the Hoa Sen Home system will be the new growth pillar of the Group.
“There is no reason to confine Hoa Sen Home within Hoa Sen Group, especially with the prospect of 80% of traditional stores having to close in the near future. With Vietnam’s population and economic growth, I believe that achieving a few billion USD in revenue for the Hoa Sen Home system is a small matter; we can aim for $10 billion or more,” said Mr. Vu.
Established in 2021, Hoa Sen Home is a chain of construction material stores. Currently, the Hoa Sen Home system has 120 stores nationwide. By 2025, Hoa Sen Home plans to open 20 new stores, bringing the total number of stores to 140. From 2026 to 2030, the company will open 25-35 new stores annually, aiming for 300 stores by 2030.
In terms of business indicators, Hoa Sen Home’s revenue in 2024 was VND 13,300 billion, with a target of VND 15,000 billion in 2025 and VND 33,000 billion (equivalent to $1.3 billion) in 2030. Hoa Sen aims for a compound annual growth rate of 16.3% during the period of 2024-2030, with a targeted compound annual growth rate of 50% for products bearing the Hoa Sen Home brand.
At the previous Congress, Mr. Vu also declared that Hoa Sen Home would be his final effort before retiring from Hoa Sen.
The Group requires an investment of VND 3,600 billion to expand its store system for the period of 2025-2030. In parallel, the Company also needs VND 1,400 billion to complete 12 warehouses nationwide, VND 400 billion for technology investment, and VND 600 billion for marketing activities.
The total investment capital is estimated at VND 6,000 billion.
In terms of business performance, for the first seven months of the 2024-2025 fiscal year (from October 1, 2024, to April 30, 2025), Hoa Sen’s net revenue was VND 21,939 billion (58% of the plan), and after-tax profit was VND 460 billion (92% of the plan).
Hoa Sen currently leads the coated steel market with a 29% market share and ranks second in the steel pipe segment with a 15% share, according to data from the Vietnam Steel Association.
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