Hoa Sen Home: From “Last Effort” to “Smart Move” of Lê Phước Vũ, Targeting $1.3 Billion in Sales Amidst “Stagnant Steel and Galvanized Industry”

Lê Phước Vũ, Chairman of Hoa Sen Group, emphasized that Hoa Sen Home will be a new growth pillar for the group. This construction materials retail chain has been operating since 2021, currently with 120 stores, and aims to reach 300 by 2030. Sales targets are 13.3 trillion VND for 2024 and 33 trillion VND ($1.3 billion) by 2030, with an expected annual growth rate of 16.3%. Vũ warns of stagnation in the steel industry and underscores the importance of returning to the domestic market. Hoa Sen Home has faced skepticism but Vũ remains determined to continue its development. The Vietnamese construction materials market is forecasted by PwC to reach a size of $22.4 billion by 2033, with significant growth expected in the real estate sector.