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Hoa Sen Group (Ho Chi Minh City Stock Exchange code: HSG), a major Vietnamese steel conglomerate, has spun off its building materials and home furnishings retail business into a new subsidiary, Hoa Sen Home, to shift its strategic focus to the domestic market amid continued fluctuations in steel exports.
Hoa Sen Group holds a 99% stake in Hoa Sen Home Joint Stock Company (Hoa Sen Home JSC). Officially registered on January 5th with a registered capital of 1 trillion VND (approximately US$38 million), B65A1000 Non oriented electrical steel, the company is headquartered in Thu Duc City, Ho Chi Minh City, and is responsible for managing and expanding the Hoa Sen Home retail network nationwide.
Hoa Sen Home, which began operations in 2021, positions itself as a large-scale distributor of building materials and home furnishing products, selling items including steel, galvanized steel sheets, tiles, and bathroom fixtures. Currently, the network comprises 12 distribution centers, over 400 retail stores, and more than 140 supermarket-style stores nationwide.
At the opening ceremony on January 19th, a Hoa Sen Home representative stated that the company plans to expand its number of supermarkets to 165 by 2026 and to at least 300 by 2030, including the "Mega Home" mega-store with a single building area of up to 30,000 square meters. B65A1000 Non oriented electrical steel, Management stated that its long-term goal is to become a leading national retail platform for building materials and home furnishings.
In fiscal year 2024-2025, Hoa Sen Home achieved operating revenue exceeding VND 15.9 trillion (approximately USD 605 million). The company aims to achieve sales of VND 18.4 trillion (approximately USD 701 million) by 2026 and projects future annual revenue exceeding USD 1 billion. Company representatives also stated that they will consider pursuing an initial public offering (IPO) when market conditions are favorable.
To support business expansion, Hoa Sen Home signed cooperation agreements at the event with technology companies such as Alibaba and Salesforce, B65A1000 Non oriented electrical steel, as well as numerous domestic and international partners, to enhance its digital operational capabilities and supply chain efficiency.
In addition, the company signed an agreement with the Ho Chi Minh City Workers' Union to support the construction of 20,000 social housing units for workers between 2026 and 2030, aiming to seamlessly integrate its retail and distribution system with the city's development needs.
Recently, the Hua Sen Group also approved the establishment of a wholly-owned subsidiary, Hoa Sen Hai Phong Sole Limited Liability Company (HSHP), with a registered capital of 300 billion VND (approximately US$11.39 million).
According to information disclosed on January 16, HSHP's headquarters will be located on plot CN21-01 in the Nam Dinh Vu Non-Customs Zone and Industrial Park (Zone 1) within the Dinh Vu-Cat Hai Economic Zone in Hai Phong City, northern Vietnam. The company's main business is the production of iron, steel, and pig iron. It has also registered a range of business activities including metal forging, stamping, rolling and powder metallurgy, transportation support services, freight forwarding services, and wholesale of metals and metal mineral products.
