HSG

HPG, NKG, and HSG face heightened risk from a global steel overcapacity crisis, as OECD warns Chinese steel exports hit a record 131 million tons in 2025 and global overcapacity is set to rise to 745 million tons by 2028. The structural glut, driven by state subsidies in China, threatens to compress margins for Vietnamese producers already trading near recent lows.

HSG reported a fire at its Phu My plant on May 25, 2026, in the acid regeneration line, which was extinguished within 45 minutes with no casualties or significant damage. The company confirms the incident does not affect other production lines or business operations, and equipment is fully insured.

Ho Chi Minh City has removed over 2,000 hectares of land from the pilot list for commercial housing projects under Resolution 171, citing planning and legal deficiencies. The decision impacts several listed developers, including Quoc Cuong Gia Lai (QCG) and Hoa Sen Group (HSG), whose proposed projects were excluded. This regulatory setback may delay revenue recognition and land bank monetization for affected firms.

Foreign investors net sold VND 1,802 billion (USD 72 million) on May 22, 2026, the highest in three months, driving VN-Index down 1.68%. Blue-chips VIC, VHM, and MSB led the sell-off, with VIC losing 3.52% and VHM 4.88%. The selling pressure underscores persistent foreign outflow from Vietnamese equities.

Ho Chi Minh City's Department of Agriculture and Environment has excluded 259 projects from its pilot land list, including those by THACO (THA), Quoc Cuong Gia Lai (QCG), Hoa Sen Group (HSG), and Sabeco (SAB). The exclusions stem from planning inconsistencies or incomplete documentation, potentially delaying or derailing these real estate developments.

THA, QCG, HSG, and HDC are among firms whose HCMC projects were excluded from the pilot commercial housing list under Resolution 171, as announced by the city's Department of Agriculture and Environment. The exclusions, due to planning or documentation gaps, delay potential land monetization and highlight regulatory hurdles in Vietnam's largest real estate market.

Hoa Sen Group (HSG) completed a 30% stock dividend, lifting charter capital to VND 8,072.7B, but Q2 net profit dropped 42% YoY to VND 119B as financial costs surged 139% and forex gains vanished. The miss raises questions about earnings momentum in the current steel cycle.

HSG and NKG are named in an Australian anti-dumping investigation on coated steel initiated April 30, 2026, with a 56.21% margin alleged by BlueScope Steel. Hoa Sen notes the figure is an initial accusation, not a final conclusion, and points to its 2015 case where it ultimately received a 0% duty. The final ruling is expected by October 2, 2026.

Australia initiated an anti-dumping investigation into galvanized steel imports from Vietnam, targeting Hoa Sen Group (HSG) and Nam Kim Steel (NKG), with an alleged dumping margin of 56.21%. The probe, prompted by Blue Scope Steel, covers imports from January to December 2025. HSG and NKG face potential tariffs but stress the allegation is preliminary and not a final determination.

HSG and NKG face an Australian anti-dumping investigation into galvanized steel exports, with an initial alleged dumping margin of 56.21% based on a complaint by BlueScope Steel. The probe is at the initiation stage; HSG previously faced a similar case in 2015 that ended with a 0% margin. The final determination is expected by October 2, 2026.

HSG confirms Australia's anti-dumping investigation on coated steel products, with an initial alleged margin of 56.21% from BlueScope Steel. The company stresses this is only an initial allegation, not a preliminary or final determination, and expects a final conclusion by October 2026. HSG previously achieved a 0% duty in a similar 2015 case.

HSG and NKG face an Australian anti-dumping investigation on galvanized steel imports, with a preliminary dumping margin of up to 56.21%. The probe, initiated on a complaint by Blue Scope Steel, covers the period from January to December 2025 and is expected to conclude by October 2026. Non-cooperation could result in the highest duty rate being applied.

HSG's Q2 net profit fell 42% to VND 118.6 billion despite 6% revenue growth, as short-term debt surged 87.7% to VND 8.2 trillion and interest costs more than doubled. The steelmaker's operating cash flow turned deeply negative, raising concerns about financial leverage and inventory management.

FPT saw the largest net buying from proprietary trading desks on HOSE on April 29, with VND 204 billion in net purchases, as total proprietary net buying reached VND 312 billion. Foreign investors were net sellers of VND 1,278 billion on the same day, adding to recent selling pressure. The VN-Index declined 21.74 points (-1.16%) to 1,854.10, with ETF rebalancing contributing to volatility.

Vingroup stocks (VIC, VRE, VHM, VPL) and steel names (HSG, TLH, NKG, VGS) attracted strong capital flows in the week of April 13-17, with VIC trading volume doubling. Meanwhile, financial and oil & gas stocks experienced significant outflows, reflecting sector rotation.