Hoa Phat plans to invest VND 650 billion in renewable energy company
Hoa Phat approved a plan on November 13 to establish a renewable energy company with expected charter capital of VND 650 billion. It plans to hold a 99.98% stake, following its participation in establishing an offshore wind power company in June.
The board of Hoa Phat Group Joint Stock Company (CTCP Tập đoàn Hòa Phát) passed a resolution on November 13 to establish CTCP Năng lượng tái tạo Hòa Phát. The new company is expected to have charter capital of VND 650 billion and will invest in, produce and sell electricity, with a focus on renewable energy. Hoa Phat plans to hold a 99.98% stake. The new company will be headquartered in Hanoi at the same address as the group.
The board authorized Deputy General Director Trần Thị Thu Hiền to manage the group's entire capital contribution to the new company. According to the group's consolidated financial statements for the third quarter of 2026, Hoa Phat had four subsidiaries and two associate companies as of September 30.
Source: Hoa Phat's consolidated financial statements for the third quarter of 2026.（VietVance）
On June 20 this year, Hoa Phat and other investors jointly established an offshore wind power company with charter capital of VND 2 trillion. Its main business is generating electricity from renewable sources, including wind and solar power. Hoa Phat holds a 30% stake, while group chairman Trần Đình Long holds 20%.
Hoa Phat also generates electricity from waste heat and gas produced at its integrated steel complexes. According to the group, power plants using these resources at its two steel complexes generated more than 4.6 billion kWh in the first 10 months of 2026, meeting over 90% of the complexes' electricity needs for production. At current electricity prices, the power generated was worth the equivalent of VND 8.798 trillion in savings.
In the first nine months of 2026, Hoa Phat recorded revenue of VND 171.539 trillion and after-tax profit of VND 23.746 trillion, up 54% and 104%, respectively, from a year earlier. The group achieved 82% of its full-year revenue target and exceeded its full-year after-tax profit target by 8%. Steel accounted for 97% of group revenue and 77% of profit.
Source: VietVance
