Nearly 40 years after the Doi Moi (Renovation) period, Vietnamese entrepreneurs have become the core force of the economy , contributing to lifting the country out of poverty and rising to the top group of dynamic nations in the region. They are the ones who dare to initiate, dare to experiment, and dare to take responsibility in their journey to find a unique path of development for the Vietnamese economy.
On the occasion of Vietnamese Entrepreneurs' Day on October 13th, the story of the courage, aspirations, and responsibility of national businesses continues to be retold, affirming their pioneering role in this new phase of transformation.
Mr. Tran Dinh Long at the meeting of representatives of outstanding businesses and entrepreneurs nationwide on Vietnamese Entrepreneurs' Day (October 13). (Photo: SGP)
Behind every successful brand and project lies the perseverance, dedication, and unwavering will of those who choose to "do" instead of just "talk," and to "create" instead of just "enjoy."
Hoa Phat , the "king of steel".
One of the most successful private enterprises in Vietnam is Hoa Phat, closely associated with the name of businessman Tran Dinh Long, one of the richest people on the Vietnamese stock exchange.
Established in 1992, Hoa Phat Group currently operates in five sectors: Iron and steel - Steel products - Agriculture - Real estate - Home appliances, with steel being its core business.
Mr. Tran Dinh Long, the founder and current Chairman of the Board of Directors of Hoa Phat, is also known as the "steel king" and has been a US dollar billionaire for many years.
Born in 1961, Mr. Tran Dinh Long started his career in the steel industry when he established the Equipment and Spare Parts Company Limited, specializing in trading used goods imported from Russia to Vietnam.
Initially, Hoa Phat focused solely on trading and manufacturing, but it quickly expanded its operations and diversified its business areas, venturing into sectors such as furniture, steel pipes, construction steel, refrigeration, real estate, and agriculture.
From this foundation, Hoa Phat expanded its steel production and trading segment, and in August 2007, the Hoa Phat Iron and Steel Production Complex in Hai Duong officially commenced construction on a scale of 132 hectares, divided into 3 phases with an initial total capacity of 1.7 million tons.
This is Hoa Phat Group's first large-scale, modern, integrated iron and steel production project, from iron ore to steel billets and construction steel.
For the Vietnamese steel industry, this project was considered the most comprehensive, large-scale, and technologically advanced at the time. In the second quarter of 2016, the complex was completed and all three phases were operational, increasing Hoa Phat's total construction steel production capacity to over 2 million tons per year.
In 2016, Hoa Phat Steel rose to the top of the construction steel market for the first time with a production volume of 1.8 million tons, representing a 22% market share. After several renovations and upgrades, the steel production capacity of the Hoa Phat Hai Duong Iron and Steel Complex reached 2.5 million tons per year from 2021.
Hoa Phat Group is closely associated with the name of businessman Tran Dinh Long, one of the wealthiest individuals on the Vietnamese stock exchange. (Photo: HPG)
At the end of the first half of 2025, Hoa Phat recorded revenue of over 74,000 billion VND and after-tax profit of over 7,600 billion VND, representing growth of 5% and 23% respectively compared to the same period in 2024.
This result helped the company achieve 44% of its revenue target and 51% of its profit target set by the management.
In the second quarter of 2025 alone, Hoa Phat generated over 36,000 billion VND in revenue, reporting a net profit after tax of 4,300 billion VND. This is the highest quarterly profit since the second quarter of 2022.
Although this figure is only half of the peak that Hoa Phat continuously achieved in 2021, it shows the strong growth momentum of the enterprise since the end of the fourth quarter of 2024 until now, especially in the context of global trade facing many fluctuations.
In the second quarter, Hoa Phat reported producing 2.5 million tons of crude steel, a 10% increase compared to the same period in 2024. Sales volume of hot-rolled coil (HRC), construction steel, high-quality steel, and steel billets reached 2.6 million tons, a 9% increase compared to the previous quarter and an 18% increase compared to the same period in 2024.
In the first six months of the year, the company produced 5.1 million tons of crude steel, an increase of 17% compared to the first six months of 2024.
Sales of HRC, construction steel, high-quality steel, and steel billets reached 5 million tons, a 23% increase compared to the first half of last year. Hot-rolled coil steel alone saw a 42% increase compared to the first half of 2024.
Thanks to positive business results, compared to the beginning of the year, HPG's share price has increased by 17%, from 22,500 VND/share (adjusted price on January 2, 2025).
Compared to its low point in early April, HPG has recovered and grown strongly by approximately 46%. With over 7.6 billion shares outstanding, HPG is considered by observers to be a "national stock" that almost every investor holds, or has held at some point.
For Mr. Tran Dinh Long personally, the success of Hoa Phat has also helped him join the ranks of Vietnam's USD billionaires.
As of August 2025, Mr. Tran Dinh Long ranked third on the list of Vietnamese billionaires with $2.4 billion, behind only Mr. Pham Nhat Vuong and Ms. Nguyen Thi Phuong Thao.
Businesses are willing to participate in national programs.
At the recent meeting between the Prime Minister and representatives of outstanding businesses and entrepreneurs nationwide on Vietnamese Entrepreneurs' Day (October 13), Mr. Tran Dinh Long affirmed: Recently, the Government and the Prime Minister have been very decisive, and the ministries and agencies have worked very effectively.
Hoa Phat affirms its readiness to participate in national programs. (Photo: HPG)
However, Mr. Tran Dinh Long hopes that the spirit of implementing Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo on the development of the private economy will be further accelerated, creating more favorable conditions for businesses.
"Because in today's fiercely competitive environment, time is a matter of survival," said Mr. Tran Dinh Long.
Therefore, when businesses submit petitions, they hope that the Government and relevant ministries and agencies will consider and resolve them more quickly, so as not to miss opportunities for development.
According to the Chairman of Hoa Phat Group, the European Union recently decided to increase import tariffs on steel from 25% to 50%, aiming to protect the domestic industry. This move will directly affect Vietnam's steel exports.
Therefore, the Chairman of Hoa Phat Group suggested that the Government needs to have flexible and timely response policies to protect the domestic manufacturing industry.
Furthermore, with domestically produced products already meeting demand, we hope that government investment projects and programs will give special priority to using domestic goods.
"This is both a way to support Vietnamese businesses and a concrete action to implement the policy of 'Vietnamese people prioritize using Vietnamese goods'," Mr. Tran Dinh Long explained.
Finally, Mr. Long stated that domestic businesses are currently making great efforts to invest and expand production, and are ready to participate in national programs such as building social housing, developing infrastructure, and housing for workers and students. Therefore, businesses hope that the Government will have more transparent ordering and bidding mechanisms and prioritize Vietnamese goods in these projects.
"That will further motivate the business community to develop more sustainably," Mr. Long emphasized.
Source: https://congluan.vn/cham-mot-nhip-la-thua-loi-canh-bao-cua-ty-phu-tran-dinh-long-voi-doanh-nghiep-viet-10313406.html
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