Hòa Phát Establishes Renewable Energy Company
Hòa Phát has invested nearly VND 650 billion to establish a power generation company in which it holds a 99.9% stake. It also invested in a wind and solar power company in June. The group has yet to announce an overall renewable energy strategy.
Hòa Phát Group has invested nearly VND 650 billion to establish Hòa Phát Renewable Energy Joint Stock Company. The group said the new company has registered capital of VND 650 billion, operates in power generation and is 99.9% owned by Hòa Phát.
This is another step in Hòa Phát’s expansion into renewable energy this year. In June, the group invested VND 600 billion to acquire a 30% stake in Sông Hậu Offshore Wind Power Joint Stock Company, which generates wind and solar power. The group has yet to announce an overall strategy for its renewable energy business.
Hòa Phát operates in real estate, agriculture, container manufacturing and household appliances, among other sectors, but steel still accounts for more than 95% of its revenue. The group has also invested in power projects, mainly to supply its factories. According to the group, it supplied about 90% of the electricity used for steel production at its two facilities in Quảng Ngãi and Hải Dương in the first 10 months of 2026, saving approximately VND 8.798 trillion.
Inside a Hòa Phát steel plant.（VietVance）
Hòa Phát was founded in 1992. In the first three quarters of 2026, the group recorded revenue of VND 170.274 trillion, up nearly 55% year on year; after-tax profit was VND 23.746 trillion, about twice the level a year earlier.
Source: VietVance
