Dai Dung Group $60M US Contract: HPG Steel Supplier for Data Centers & Gas Plants

Overview

Dai Dung Group, a leading Vietnamese steel structure contractor, has signed a $60 million contract to supply high-tech mechanical equipment for data centers and gas power plants in the United States. Hoa Phat Group (HPG), Vietnam’s largest steelmaker, will serve as the main steel supplier for the project, marking a notable export opportunity for Vietnamese steel into the US market.

Key Facts

• Dai Dung Group signed a contract worth over $60 million with a US strategic partner to supply equipment for data centers and gas power plants in the US.
• The contract prioritizes using materials and products from Vietnamese enterprises that meet quality, traceability, and supply capacity requirements.
• Hoa Phat (HPG) will be the main steel supplier, collaborating with Dai Dung to bring Vietnamese steel into US projects.
• Dai Dung has exported to over 50 countries, including the US, Europe, Australia, and Japan, with average export volume of 70,000 tonnes per year.
• In June 2026, Dai Dung completed fabrication and delivery of 64 passenger boarding bridges for Long Thanh International Airport under an order from ShinMaywa Industries (Japan).
• Dai Dung has participated in constructing over 2,500 projects since its founding in 1995.
• HPG stock closed at 21 on July 22, 2026, with trading volume of 36.1 million shares on HOSE.

What Happened

Dai Dung Group announced it has signed a contract with a US strategic partner valued at over $60 million to supply high-tech mechanical equipment for data center and gas power plant projects in the United States. The company stated that the contract will prioritize using materials and products from Vietnamese enterprises that meet strict quality, traceability, and supply capacity standards.

According to the company’s announcement, Hoa Phat Group will be the main steel supplier, partnering with Dai Dung to bring Vietnamese steel into these US export projects. Dai Dung Chairman Trinh Tien Dung emphasized that the goal is not only to export Vietnamese mechanical products but also to elevate the position of Vietnam’s mechanical engineering industry in the global value chain.

Market Context

Hoa Phat (HPG) closed at 21 on July 22, 2026, unchanged from the previous session, with volume of 36.1 million shares on HOSE. The steel sector has faced headwinds from global oversupply and weak demand, but export opportunities to high-standard markets like the US could provide a positive catalyst. HPG’s involvement in this contract underscores its capability to supply steel for demanding international projects, potentially supporting its order book and revenue diversification.

Strategic Significance

This contract represents a strategic step for HPG in expanding its export footprint to the US, a market with stringent technical and traceability requirements. By being the primary steel supplier for Dai Dung’s US projects, HPG can demonstrate its product quality and reliability, potentially opening doors for further direct or indirect steel exports. The collaboration also aligns with Vietnam’s push to increase local content in exports and move up the value chain in manufacturing.

What to Watch

• Execution timeline and any follow-on orders from Dai Dung or other US partners.
• HPG’s export revenue contribution from this contract in upcoming quarterly reports.
• Potential for similar contracts with other Vietnamese fabricators targeting US infrastructure projects.
• HPG’s stock price reaction and trading volume around contract milestones.
• Any updates on Dai Dung’s partnership with other Vietnamese suppliers, such as Nhựa Thiếu niên Tiền Phong.