Note: HSG’s fiscal year runs from October 1st to September 30th.
Hoa Sen Chairman Le Phuoc Vu
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During the July-September 2025 period, Mr. Le Phuoc Vu‘s company recorded net revenue of VND 8,356 billion, a 17% decrease compared to the same period last year. However, gross profit still increased by 20% to VND 1,021 billion, thanks to a significant improvement in profit margin to 12.2%.
In the recent quarter, financial revenue decreased sharply by nearly 60% to VND 56 billion, while financial expenses decreased by 30% to VND 69 billion. Additionally, corporate management expenses increased by 23% to VND 183 billion.
After deducting all expenses, Hoa Sen Group reported a net profit of VND 85 billion in the fourth quarter of the 2024-2025 fiscal year, compared to a loss of VND 186 billion in the same period last year.
Business Results for Q4 FY 2024-2025 of HSG
Unit: Billion VND
Source: VietstockFinance
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Overall, in the 2024-2025 fiscal year, the steel giant recorded net revenue of over VND 36,500 billion, a 7% decrease compared to the same period last year. Meanwhile, net profit increased by 42% year-on-year to over VND 730 billion, marking the highest profit in the last three years.
With these results, Hoa Sen Group has achieved one and a half times its profit target under the optimistic scenario (VND 500 billion) and exceeded the cautious scenario (VND 400 billion) by 83%.
Hoa Sen’s management stated that the steel market has faced numerous challenges over the past year. Raw material prices have fluctuated abnormally, without any clear pattern. The trend of trade protectionism has increased, along with stringent technical and tariff barriers from major markets (especially the US), putting pressure on export activities.
Domestically, steel consumption demand has shown signs of recovery due to policies promoting public investment, infrastructure development, and the revival of the real estate market. However, the steel industry still faces intense competition due to excess production capacity, as stated by the company’s management in their recent business report.
VND 1,250 billion spent on Long Thanh land
The balance sheet also shows a notable increase in the long-term prepayments to suppliers. Specifically, long-term prepayments to Ms. Le Thi Le Hoa increased from VND 900 billion (as of June 2025) to VND 1,250 billion.
 Source: Q4 FY 2024-2025 Financial Report of HSG
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This is the amount HSG paid in advance to Ms. Hoa according to the agreement dated June 12, 2024, between the two parties. Under this agreement, both parties commit to transferring and receiving the transfer of land in Long An commune, Long Thanh district, Dong Nai province. The transfer price will be agreed upon by both parties based on the actual area and market price at the time of transfer.
Furthermore, the advance payment for land purchase in the long-term receivables section also increased from VND 394 billion (as of June 2025) to VND 533 billion.
This is part of the real estate investment strategy previously shared by the management. At the Annual General Meeting, Mr. Vu mentioned real estate development, stating that investing in a 600-700 ha urban area is within the company’s capabilities. “We have the funds, resources, and advantages in construction materials and interior design. He added, “We are not as reckless as other real estate groups that collect money from the public without legal clearance and fail to deliver homes.”
He stated that with abundant resources and material advantages, HSG must develop a 600-700 ha urban area rather than a smaller one, as there is no “better” location than Long Thanh airport, with its transportation systems like Ring Road 4, highways, and railways. “In the future, the largest urban and industrial areas will concentrate here,” emphasized the Chairman of Hoa Sen Steel.
– 5:07 PM, October 30, 2025
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