According to the company statement, the main driver of this strong growth was the commissioning of new blast furnaces at the Dung Quat Steel Complex in Quang Ngai province, central Vietnam. All six blast furnaces — four in Steel Plant No. 1 and two in Steel Plant No. 2 — have started operation. This step significantly boosted Hoa Phat’s production capacity, strengthening the company’s position in both the domestic and export markets.
The Dung Quat 2 project is at the core of Hoa Phat’s strategy to enhance Vietnam’s self-sufficiency in steel production. Once completed, the project is expected to add 5.6 million tons to the country’s annual crude steel capacity.
With the expansion of its production capacity, the company also benefited from the recovery in the construction sector. During the first nine months of 2025, accelerating infrastructure investments and an increase in public projects in the domestic market supported steel demand. These developments led to higher Hoa Phat shipments both domestically and in export markets.
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