HPG Leads Vietnamese Steel Stock Surge as Prices Rise and Sales Jump 39%

Overview

Vietnamese steel equities rallied on 12 October 2026, led by HPG (HOSE) which gained 2.99% to VND 20,700 on more than 31.1 million shares, the highest volume in the sector. The move followed coordinated selling-price increases of roughly VND 100/kg across major domestic producers and a 9M2026 business update from Hoa Phat showing steel sales of 10.3 million tonnes, up 39% year-on-year.

Key Facts

• HPG closed at VND 20,700, up 2.99%, with 31.1 million shares traded on 12 October 2026.
• NKG rose 6.89% to VND 9,930 on more than 5 million shares, approaching the daily ceiling.
• HSG gained 3.54% to VND 10,250 on 5.26 million shares; VGS rose 7.64%, TVN 3.16% and TLH 2.56%.
• Combined volume for HPG, HSG and NKG exceeded 41.4 million shares.
• Hoa Phat Binh Duong raised CB400V/500V rebar prices by VND 100/kg effective 13 October; VAS Nghi Son, Vina Kyoei and Tung Ho announced similar increases.
• Hoa Sen lifted pipe prices by VND 100/kg from 11 October in the central and northern regions; SENDO planned a VND 200/kg increase from 12 October.
• Hoa Phat and Formosa Ha Tinh raised HRC offers by roughly USD 10 and USD 12 per tonne respectively in early October.
• Hoa Phat reported 9M2026 sales of 10.3 million tonnes, up 39% YoY, with HRC at 5.47 million tonnes, up 59% and more than half of total steel product sales. Q3 volume reached 3.8 million tonnes, up 54% YoY.

What Happened

According to Mysteel Vietnam data updated on 12 October from dealers and distributors, Hoa Phat Binh Duong notified customers of a VND 100/kg increase for CB400V/500V rebar effective 13 October. VAS Nghi Son, Vina Kyoei and Tung Ho issued similar notices for selected construction steel products. In the pipe segment, Hoa Sen raised prices by VND 100/kg from 11 October across the central and northern regions, while Viet Nhat SENDO pipe planned a VND 200/kg increase from 12 October. Earlier in the month, Hoa Phat and Formosa Ha Tinh adjusted HRC offer prices upward by about USD 10 and USD 12 per tonne respectively versus September.

Separately on 12 October, Hoa Phat Group published its 9M2026 production and sales results. Cumulative sales of construction steel, high-quality coil, HRC and billet reached 10.3 million tonnes, up 39% from the same period last year. HRC accounted for 5.47 million tonnes, up 59% and more than half of total sales of main steel products. In Q3 alone, the group sold 3.8 million tonnes, up 54% YoY, with HRC volumes exceeding 2 million tonnes.

Market Context

HPG trades on HOSE and closed at VND 20,700 on 12 October 2026. The session’s broad steel rally came against a weaker overall market, with the VN-Index losing more than 14 points on the same day, according to local market reports. The divergence suggests sector-specific flows rather than index-wide risk appetite. HSG closed at VND 10,250 and NKG at VND 9,930, both near recent ranges, while VGS ended at VND 15,500. The coordinated price increases across rebar, pipe and HRC segments point to improving pricing power after a prolonged period of margin pressure in Vietnamese steel.

Strategic Significance

For long-term investors, the combination of domestic price hikes and Hoa Phat’s volume growth supports a thesis of margin recovery driven by HRC mix shift. HRC now represents more than half of Hoa Phat’s steel sales and grew 59% YoY, which matters because HRC typically carries different margin dynamics than construction rebar and is tied to industrial demand, including exports. The simultaneous price increases by Hoa Sen, VAS Nghi Son, Vina Kyoei and Tung Ho indicate the move is industry-wide rather than company-specific, reducing the risk that Hoa Phat alone is sacrificing volume for price. Formosa Ha Tinh’s parallel HRC increase also suggests import competition and regional supply conditions are not currently forcing domestic producers to absorb costs.

What to Watch

• Hoa Phat’s Q3 2026 financial statements for realised gross margin per tonne versus the 9M volume figures.
• Whether the VND 100/kg rebar and pipe increases hold through November or are reversed if construction demand softens.
• HRC offer prices from Hoa Phat and Formosa Ha Tinh in early November, and any change to the USD 10-12/tonne October increases.
• Export market data for Vietnamese HRC, particularly volumes to the EU and ASEAN, given anti-dumping proceedings in several jurisdictions.
• Foreign-ownership and proprietary trading data for HPG, HSG and NKG to confirm whether the 12 October volume reflects institutional accumulation or short-term rotation.