On November 19, 2025, the State Securities Commission granted a public offering license for Hoà Phát Agricultural Development JSC (HPA), a member of Mr. Tran Dinh Long’s Hoa Phat ecosystem, to issue 30 million shares at 41,900 VND/share, targeting to raise 1.257 trillion VND. The funds will be used for financial restructuring, debt repayment, working capital, and expanding livestock farms and feed mills. Post-IPO, HPA expects to list on HoSE by December 2025, currently valued at around 10.7 trillion VND, surpassing many listed agricultural firms. Established in 2016, HPA specializes in animal feed production and livestock. It achieved over 10 trillion VND in revenue in 2020, but the business declined for three years before rebounding in 2024 with revenue of 7.084 trillion VND and profit of 1.031 trillion VND. For 2025, HPA aims for 8 trillion VND in revenue and 1.5 trillion VND in profit, though these figures are still lower than its 2020 record. HPA leads in market share across several segments in the agricultural industry.
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