Steel sector stocks came under heavy selling pressure on February 10th, following new tax messages from Mr. Trump - Photo: QUANG DINH
On February 9th, US President Donald Trump announced that on February 10th (local time), he would impose a 25% tariff on steel and aluminum imports from various countries.
The US president has not yet mentioned when the policy might be implemented. However, if these tariffs are applied, they would cause considerable concern for Vietnamese manufacturers.
Immediately following the aforementioned message from the US president, the Vietnamese stock market reacted quite strongly in the first trading session of the week (February 10). In particular, steel stocks faced significant downward pressure.
At the close of trading today, Hoa Phat Group's HPG share price fell 4.7%, reaching its lowest level in the last 5 months at 25,400 VND per share.
Consequently, the market capitalization of Vietnam's largest steel group also decreased by more than 8,000 billion VND, to over 162,000 billion VND.
In particular, the family of Chairman Tran Dinh Long, holding the largest stake with over 2.23 billion shares (including shares held by his wife and son Tran Vu Minh), saw their assets wiped out by nearly 2,500 billion VND on the stock market.
With its share price plummeting, many people rushed to "buy the dip," causing HPG's trading volume to explode with over 61 million units changing hands, four times the average daily volume of the past quarter.
Notably, during the ATC session, one investor placed a sell order for over 8 million HPG shares, accounting for more than 13% of the total trading volume in just the last 15 minutes of the session.
HPG also became one of the top stocks dragging down the HoSE index today.
Statistics from the General Department of Customs and the Vietnam Steel Association show that the US market typically accounts for 9-13% of Vietnam's export volume.
Several companies with a high proportion of exports to the US, including Ton Dong A and Nam Kim Steel, saw their stocks both fall by nearly 4-5% in the first trading session of the week.
According to assessments from several securities firm's analytical departments, Hoa Phat will not be directly and significantly affected by any potential tariff decision by the US.
The reason is that HPG's exports account for 30% of its total revenue, with exports to the US accounting for 5-10% of export revenue. Therefore, the actual proportion of exports to the US is not significant.
However, forecasts suggest that the group may be indirectly affected as Hoa Sen (HSG) and Nam Kim Steel (NKG), two major partners consuming hot-rolled coil (HRC) steel from Hoa Phat and also having a high proportion of exports to the US market, face difficulties.
According to analysts, the US is a major importer of steel, and imposing a 25% import tariff on this product will affect overall demand, thereby impacting prices.
Previously, ACBS expected HPG to achieve revenue of VND 182,900 billion and after-tax profit of VND 14,844 billion in 2025.
The main driver of profit growth for 2025 is the expansion of HRC capacity from the Dung Quat 2 plant in Q1 2025. ACBS forecasts HRC production to reach 5 million tons in 2025, corresponding to 85% capacity utilization.
Furthermore, the imposition of anti-dumping duties on HRC imported from China and India, if approved, would significantly support HRC prices in the domestic market.
Tuoitre.vn
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