Hoa Phat Company (HPG) ended 2025 with three consecutive declines, seeing its market capitalization sinking to around 200 trillion VND, no longer in the top 10 listed companies. In contrast, Vingroup (VIC) of billionaire Pham Nhat Vuong reached a record of 1.3 trillion VND due to its expansion into the steel industry through VinMetal. Since Vingroup announced its entry into steel and made heavy investments, HPG has lost approximately 10% of its share value, corresponding to 20 trillion VND in capitalization. Vingroup has announced a nearly 80 trillion VND steel plant project, providing high-quality specialty steel products, creating competitive pressure on Hoa Phat. Furthermore, Vingroup has partnered with Pomina to strengthen competitiveness and create mutual benefits. Despite the risks, reports suggest the impact on Hoa Phat will be limited due to its leading market share and scale advantages.
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