Hoa Phat owes nearly 100 trillion, interest expenses soar for a special reason

According to the Q3/2025 financial report, Hoa Phat Group (HPG) has a record high total debt of 96.838 trillion VND, an increase of 13.875 trillion VND compared to the beginning of the year. Short-term debt accounts for 68.482 trillion VND and long-term debt for 28.356 trillion VND. This increase mainly comes from loans to finance the Dung Quat 2 project, along with rising working capital needs to support production. Financial expenses in Q3 rose 10% compared to the previous quarter, reaching nearly 1.100 trillion VND, with interest expenses up 55%. Meanwhile, foreign exchange gains and losses improved, with losses reduced to only 7.5 billion VND. Hoa Phat’s Q3 revenue reached 36.794 trillion VND, with after-tax profit at 4.012 trillion VND, up 7% and 33% respectively from the same period in 2024. Hot rolled coil consumption reached 3.4 million tons in the first 9 months of the year, up 51% year-on-year. The government imposed anti-dumping duties on imported HRC from China, providing an opportunity for Hoa Phat to strengthen its market position.