On November 19, 2025, the State Securities Commission of Vietnam granted the Initial Public Offering (IPO) Registration Certificate to Hoa Phat Agricultural Development JSC (HPA), a member of the Hoa Phat ecosystem (HPG) founded by Tran Dinh Long.
Accordingly, Hoa Phat Agriculture will offer 30 million shares at a price of VND 41,900 per share, corresponding to a total expected mobilization value of VND 1,257 billion. The mobilized capital will be used to restructure finances, repay debts, supplement working capital, and prepare resources for expanding livestock farms and feed mills.
After the IPO, Hoa Phat Agriculture is expected to list on the HoSE as early as December 2025. The company currently has a charter capital of VND 2,550 billion, corresponding to 255 million outstanding shares. With an offering price of VND 41,900 per share, Hoa Phat Agriculture is valued at nearly VND 10,700 billion pre-IPO.
This figure surpasses the market capitalization of many agricultural giants on the stock market such as Dabaco (DBC), BAF Vietnam (BAF), HAGL Agrico (HNG), Vilico (VLC), Vissan (VSN), and is second only to Masan MeatLife (MML) in the industry.
Established in 2016, Hoa Phat Agriculture operates primarily in the production of animal feed, pig farming, cattle farming, and poultry farming. Its flagship products include HP Feed and BigBoss animal feed, breeding pigs and commercial pigs, Australian beef cattle, and clean chicken eggs.
Hoa Phat Agriculture is headquartered in Pho Noi A Industrial Park, Nguyen Van Linh Commune, Hung Yen Province, and currently owns a system of 07 pig farms with a total area of 387.9 ha; 03 Australian cattle farms with a total area of 625 ha; and 02 poultry farms and egg production facilities with a total area of 50 ha.
After 5 years of establishment, Hoa Phat Agriculture’s revenue first surpassed VND 10,000 billion in 2020, marking the highest level since its inception. After-tax profit also set a record that year at VND 1,676 billion. However, the company’s business results declined for the next 3 years before rebounding strongly last year.
In 2024, Hoa Phat Agriculture recorded net revenue of VND 7,084 billion and after-tax profit of VND 1,031 billion, up 12.2% and 470% respectively compared to 2023. In the first 9 months of 2025, the company’s revenue reached VND 6,259 billion, with after-tax profit of VND 1,297 billion, up 28% and 88% respectively compared to the same period in 2024.
In 2025, Hoa Phat Agriculture set a revenue target of VND 8,000 billion and after-tax profit of VND 1,500 billion, up 28% and 16% respectively compared to last year’s performance. However, these figures are still significantly lower than the record levels achieved in 2020.
After 10 years of operation, Hoa Phat Agriculture has mastered a closed value chain from feed production to farming. According to the company’s data, it holds a top market share in Australian beef, No. 1 market share in northern poultry eggs (nearly 1 million eggs/day), ranks 13th in animal feed, and is among the leaders in pig farming (capacity of 750,000 pigs/year).
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