HPG Insider Buy: Tran Vu Minh Spends VND 800B on Hoa Phat Shares, Family Stake Exceeds 35%

Overview

Tran Vu Minh, son of Hoa Phat Group (HPG) chairman Tran Dinh Long, acquired nearly 33.3 million HPG shares worth an estimated VND 800 billion (USD 32 million) via open-market trades from March 12 to April 9, 2026. The purchase increased the Long family’s total holdings to over 2.7 billion shares, representing 35.45% of the steel giant’s equity. The insider accumulation comes just weeks after the chairman publicly stated he would never advise shareholders to buy HPG stock, adding a layer of intrigue to the transaction.

Key Facts

• Tran Vu Minh bought 33.3 million HPG shares at an estimated total value of VND 800 billion (USD 32 million).
• The trades were executed via order matching on HOSE between March 12 and April 9, 2026.
• The Long family’s aggregate stake rose to 35.45% of HPG’s charter capital, equivalent to over 2.7 billion shares.
• Minh had initially registered to buy 50 million shares but cited unfavorable market conditions for the shortfall.
• HPG targets 2026 revenue of VND 210,000 billion (+35% YoY) and net profit of VND 22,000 billion (+42% YoY).
• Q1 2026 net profit reached VND 9,056 billion, up 170% YoY, including VND 3,800 billion from a land transfer in Hung Yen.
• The Dung Quat 2 steel complex began producing in September 2025 and is expected to drive volume growth.

What Happened

According to a filing with the State Securities Commission, Tran Vu Minh, a board member and son of HPG chairman Tran Dinh Long, purchased 33.3 million HPG shares through matched orders over a near-month-long period. The transaction value, based on the average HPG share price during the window, is estimated at VND 800 billion. The purchase was part of a previously registered plan to acquire 50 million shares, but Minh did not complete the full amount, citing market conditions.

The move comes shortly after Chairman Tran Dinh Long’s emphatic statement at the 2026 annual general meeting: “As long as I sit in this position, I will never advise shareholders to buy Hoa Phat shares.” Despite that disclaimer, the insider buying by his son signals a strong family conviction in the company’s prospects. The family now controls more than a third of HPG’s equity.

Market Context

HPG shares closed at VND 28,000 on April 15, 2026, down 1.75% on volume of 27.5 million shares. The stock has been under pressure amid broader market weakness, but the insider purchase provides a floor of confidence. HPG is listed on HOSE and is the largest steel producer in Vietnam, with a market capitalization exceeding VND 210 trillion. The steel sector has been volatile due to global demand uncertainty and input cost fluctuations, but HPG’s vertical integration and Dung Quat 2 expansion position it for volume growth.

Strategic Significance

The insider buy reinforces the Long family’s long-term commitment to HPG at a time when the company is executing its most ambitious expansion. Dung Quat 2, which began production in September 2025, is expected to boost HPG’s crude steel capacity to over 14 million tonnes per year, making it one of Southeast Asia’s largest steelmakers. The 2026 profit target of VND 22,000 billion implies a return on equity above 20%, supported by both core steel earnings and non-recurring gains. The family’s increased stake reduces free float and may tighten liquidity, but it also aligns controlling shareholder interests with minority investors.

What to Watch

• Q2 2026 earnings release in July 2026 to confirm whether the profit momentum from Q1 is sustained.
• Further insider transactions by the Long family or related parties, especially if the stock price weakens.
• Progress of Dung Quat 2 ramp-up and its impact on HPG’s market share in construction steel and hot-rolled coil.
• Any dividend or share issuance plans following the 2025 dividend proposal (10% stock and 5% cash).
• Global steel price trends and input costs (iron ore, coking coal) that could affect margin trajectory.