CAN THO UNIVERSITY

SCHOOL OF ECONOMICS - MANAGEMENT OF TOURISM AND TRAVEL

SERVICES (High-quality program)

ANALYSIS OF HOA PHAT GROUP'S FINANCIAL REPORT FOR 2023

Instructor: Students carry out:

Phạm Phát Tiến Trần Thị Ngọc Hân B2206305
Nguyễn Thị Anh Thư B2206339
Nguyễn Thị Thu Hiền B2206306
Trần Kim Khoa B2206310
Contents
I. Company Overview..........................................................................................................2
1. Company Introduction.................................................................................................2
2. Stock Information........................................................................................................2
3. History and Development............................................................................................2
4. Business Sectors..........................................................................................................3
5. Achievements...............................................................................................................4
6. Development Direction................................................................................................4
7. Main competitors.........................................................................................................5
8. The position of HPG in the industry............................................................................5
ll . Balance sheet..................................................................................................................5
1. Asset structure..............................................................................................................5
2. Capital structure...........................................................................................................7
III. Report on business operations production results..........................................................9
IV. Analysis of financial ratios...........................................................................................10
1. Liquidity ratios...........................................................................................................10
2. Key performance indicators.......................................................................................11
3. Financial leverage ratios............................................................................................12
4. Profitability indicators...............................................................................................13
V. Conclusion.....................................................................................................................15
REFERENCES..................................................................................................................16

1
I. Company Overview
1. Company Introduction
Company Name: HOA PHAT GROUP JOINT STOCK COMPANY
Charter Capital: 58,147,857,000,000 VND
Headquarters: Pho Noi A Industrial Zone, Giai Pham Commune, Yen My District, Hung
Yen Province
2. Stock Information
Stock Code: HPG
Listed Exchange: HOSE
Initial Listing Date: November 15, 2007
Par Value: 10,000 VND/share
Number of Outstanding Shares: 5,814,785,700 shares
3. History and Development
Hoa Phat Group is one of Vietnam's leading private industrial manufacturing groups.
➢ 1992: Establishment of Hoa Phat Equipment and Accessories Co., Ltd. - The first
company under the Hoa Phat brand.
➢ 1995: Establishment of Hoa Phat Furniture Joint Stock Company.
➢ 1996: Establishment of Hoa Phat Steel Pipe Co., Ltd.
➢ 2000: Establishment of Hoa Phat Steel JSC, now Hoa Phat Hung Yen Steel Co., Ltd.
➢ 2007: Listed on Ho Chi Minh City Stock Exchange (HOSE) with stock code HPG.
➢ August 2012: Hoa Phat celebrated its 20th anniversary, receiving the President's Third-
Class Labor Medal.
➢ March 9, 2015: Launched Hoa Phat Animal Feed Trading and Production Co., Ltd.
(now Hoa Phat Hung Yen Animal Feed Co., Ltd.), marking a new development in the
Group's history with investment in agriculture.
➢ October 2018: First-time construction steel consumption reached a record of 250,000
tons.
➢ November 2019: Hoa Phat Steel first reached 300,000 tons in November, steel market
share exceeded 26%.

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➢ December 2020: Hoa Phat Group restructured its operating model with the
establishment of Corporations responsible for each business sector. Four Corporations
were established: Steel Corporation, Steel Products Corporation, Real Estate Corporation,
and Agriculture Corporation.
➢ September 2021: Established Hoa Phat Home Appliance Corporation focusing on
investment, production, and trading of home appliances.
➢ Q1/2022: Groundbreaking of Hoa Phat Dung Quat 2 Steel Complex project, with a
capacity of 5.6 million tons of hot-rolled coil steel/year, a total estimated investment of
85,000 billion VND.
➢ August 2022: Hoa Phat Group celebrated its 30th anniversary, receiving the President's
Second-Class Labor Medal.
➢ 2023:
AUGUST: Hoa Phat officially launched container products to the market.
NOVEMBER: Hoa Phat continued to be ranked as Vietnam's largest private enterprise
for the second consecutive year.
4. Business Sectors
STEEL
Hoa Phat Hung Yen Steel Co., Ltd.
Hoa Phat Hai Duong Steel JSC.
Hoa Phat Dung Quat Steel JSC.
An Thong Mineral Investment JSC.
Hoa Phat Maritime Transport JSC.
STEEL PRODUCTS
Hoa Phat Steel Pipe Co., Ltd.
Hoa Phat Steel Sheet Co., Ltd.
Hoa Phat Metal Manufacturing Co., Ltd.
Hoa Phat Container Manufacturing JSC.
AGRICULTURE
Hoa Phat Hung Yen Animal Feed Co., Ltd.
Hoa Phat Livestock Development JSC.
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Hoa Phat Trading Co., Ltd.
Hoa Phat Poultry Co., Ltd.
REAL ESTATE
Hoa Phat Construction and Urban Development JSC.
Hoa Phat Hanoi Real Estate JSC.
Hoa Phat Saigon Real Estate JSC.
HOME APPLIANCES
Hoa Phat Refrigeration Co., Ltd.
Hoa Phat Ha Nam Home Appliances JSC.
Hoa Phat Phu My Refrigeration JSC.
5. Achievements
Steel production is the core business, accounting for 90% of the Group's revenue and
profit. With a capacity of 8.5 million tons of crude steel/per year, Hoa Phat is the largest
steel manufacturer in Southeast Asia. Hoa Phat Group holds the top 1 market share in
Vietnam for construction steel and steel pipes and ranks in the top 5 for coated steel.
In 2022, Hoa Phat Group continued to be recognized as a National Brand, Top 1
Strongest Brand in Vietnam; Top 50 Most Efficient Business Companies in Vietnam; Top
30 Largest Corporate Income Tax Contributors in Vietnam, Top 20 Business Brands
valued over 100 million USD by Forbes Vietnam, Top 10 Famous Brands of Vietnam.
Hoa Phat's products are trusted and hold the top 1 market share in construction steel and
steel pipes. With its brand reputation, Hoa Phat is among the companies with the largest
market capitalization and highest number of shareholders in the market.
6. Development Direction
Hoa Phat aims to be among the world's top 30 largest steel companies by 2025.
Vision: To become an industrial manufacturing group with leading quality, with Steel as
the core business.
Mission: To provide leading products, contribute to improving quality of life, and gain
customer trust and love.
Positioning: Hoa Phat - Vietnamese brand, global standards. Hoa Phat Group - Harmony
for Development.
Core Values: The core values of Hoa Phat Group, the philosophy of "Harmony for
Development," are demonstrated through the connection between employees, partners,

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 dealers, shareholders, and the community. The Group commits to harmonizing the
interests of stakeholders, aiming for sustainable development.
The Group also focuses on building long-term partnerships with sales dealers, treating
them as trusted friends since the early days of establishment, creating a solid foundation
for common development.
Business Philosophy: For Hoa Phat, the most important factor determining today's
success is the philosophy of "Harmony for Development".
7. Main competitors
Michael Porter's Five Forces Model:
This model helps analyze the factors affecting competitiveness in the steel industry,
including:
Industry rivals: Viet-Đuc Steel, Hoa Sen Southern Steel, Thai Nguyen-Tisco, and other
large enterprises.
Potential competitors: The emergence of large steel billet and rolling mills such as Thép
Đặc Biệt Thắng Lợi, Thép Việt Ý, POSCO Vũng Tàu, and Thép Việt, along with
unplanned steel projects.
Substitute products: Steel imported from China, Malaysia, Japan, South Korea, and
Taiwan are domestic substitute products.
Supplier: Steel imported from China, Malaysia, Japan, South Korea, and Taiwan is a
substitute for domestic products.
Customers have many options in terms of price, quality, design, and after-sales service.
8. The position of HPG in the industry
Hoa Phat (HPG) is the leading steel manufacturer in Vietnam, holding a large market
share in construction steel and HRC. With a closed production process and modern
facilities, HPG saves on electricity costs and expands its market share during the
recession. In 2022, HPG achieved a market share of 39.1% in crude steel and 42.5% in
HRC. The leading position and strong finances help HPG adjust prices and negotiate
effectively with suppliers.

ll . Balance sheet
1. Asset structure
Year 2023 - 2022
Item
The difference in
2023 % 2022 % %
the amount
A. Current 82.716.439.173.043 44.05 80.514.710.854.456 47.27 2,201,728,318,587 2.73

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assets
Cash and
cash 12.252.001.160.884 6.52 8.324.588.920.227 4.89 3,927,412,240,657 47.18
equivalents
Short-term
financial 22.177.303.502.481 11.81 26.268.246.676.354 15.42 (4,090,943,173,873) -15.57
investment
Short-term
10.702.136.439.996 5.70 9.892.869.502.309 5.81 809,266,937,687 8.18
receivables
Inventory 34.504.487.406.261 18.37 34.491.111.096.123 20.25 13,376,310,138 0.04
Other
current 3.080.510.663.421 1.64 1.537.894.659.443 0.90 1,542,616,003,978 100.31
assets
B. Long-
105.066.147.390.758 55.95 89.820.810.782.676 52.73 15,245,336,608,082 16.97
term assets
Long-term
1.880.922.130.348 1.00 894.484.456.379 0.53 986,437,673,969 110.28
receivables
Fixed assets 71.998.370.737.871 38.34 70.832.915.657.865 41.58 1,165,455,080,006 1.65
Investment
593.920.277.320 0.32 629.111.776.960 0.37 (35,191,499,640) -5.59
real estate
Long-term
unfinished 26.098.929.377.501 13.90 13.363.274.912.355 7.85 12,735,654,465,146 95.30
assets
Long-term
financial 40.000.000.000 0.02 700.000.000 0.00 39,300,000,000 5614.29
investment
Other long-
4.454.004.867.718 2.37 4.100.323.979.117 2.41 353,680,888,601 8.63
term assets
TOTAL
187.782.586.563.801 100 170.335.521.637.132 100 17,447,064,926,669 10.24
ASSETS
(Source: Author compiled based on the company's financial statements for
2023)

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 The chart shows the asset structure of Hoa Phat Corporation in
the years 2022 - 2023.
120

100

80 55.95
44.05
60

40

52.73 47.27
20

0
2022 2023
HPG HPG

Long-term assets Current assets Long-term assets Current assets

The year 2023 marks an impressive growth in the total assets of Hoa Phat Group, with a
10% increase compared to the previous year. Notably, long-term assets continue to play a
dominant role, increasing by 15.245 trillion VND, reaching 105.066 trillion VND, a 17%
increase compared to the previous year. This increase mainly comes from the recognition
of new asset items, notably the Hoa Phat Dung Quat General Port and the HPS-01 ship,
which have been operational since the fourth quarter of 2022. Notably, the unfinished
construction value of major projects such as the Hoa Phat Dung Quat 2 steel complex, the
container manufacturing plant, and the home appliance factory surged by 95% compared
to the end of 2022. As a result, fixed assets, investment real estate, and long-term
unfinished assets account for a large proportion, up to 53% of the Group's total long-term
assets, reflecting Hoa Phat's long-term investment strategy and production capacity
expansion.
Meanwhile, current assets also recorded growth, albeit at a more modest level, with 2.202
trillion VND, equivalent to 3% compared to 2022. As a result, the asset structure of the
Group is gradually shifting towards a balanced state, with short-term assets accounting
for 44% and long-term assets accounting for 56% of total assets.
2. Capital structure
Capital structure analysis table
Year 2023 - 2022
Item The difference in
2023 % 2022 % %
the amount
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C. Debt to
84.946.167.324.422 45.24 74.222.582.021.349 43.57 10.723.585.303.073 14.45
be paid
Short-term
71.513.492.904.733 38.08 62.385.392.809.685 36.63 9.128.100.095.048 14.63
debt
Long-term
13.432.674.419.689 7.15 11.837.189.211.664 6.95 1.595.485.208.025 13.48
debt
D. Equity 102.836.419.239.379 54.76 96.112.939.615.783 56.43 6.723.479.623.596 7.00
Equity 102.836.419.239.379 54.76 96.112.939.615.783 56.43 6.723.479.623.596 7.00
TOTAL
187.782.586.563.801 100.00 170.335.521.637.132 100.00 17.447.064.926.669 10.24
CAPITAL
(Source: Author compiled based on the company's financial statements for
2023)

The chart shows the capital structure of Hoa Phat Group in the
two years 2022 - 2023
110

90
54.76
70 45.24
50

30 56.43
43.57
10

Liabilities Equity
2022 43.57 56.43
2023 45.24 54.76

2022 2023

Looking at the capital structure of Hoa Phat Group during 2022-2023, there are
significant changes in both debt and equity components. In 2022, the company's capital
structure consisted of 43.57% debt and 56.43% equity, showing a relatively balanced
approach with a slight preference for equity financing. However, in 2023, the debt ratio
increased to 45.24% while the equity portion decreased slightly but remained dominant at
54.76%. This shift indicates a minor increase in leverage, though the company still
maintains a conservative capital structure with equity financing accounting for more than
half of its total capital. The relatively balanced ratio between debt and equity suggests
that Hoa Phat Group is maintaining a prudent financial strategy, balancing between the
tax benefits of debt and the financial flexibility of equity financing. This structure also
indicates strong financial health as the company keeps its debt levels under control while

8
 maintaining a solid equity base, which can help buffer against market volatility and
provide flexibility for future investments or expansions.

III. Report on business operations production results

Year 2023-2022
Item The difference in
2023 2022 %
the amount
Sales and service
120.355.231.616.139 142.770.810.676.858 -22.415.579.060.719 -15.70
revenue
Revenue deductions 1.402.203.722.485 1.361.536.216.226 40.667.506.259 2.99
Net revenue from
sales and service 118.953.027.893.654 141.409.274.460.632 -22,456,246,566,978 -15.88
provision
Cost of goods sold
106.015.187.198.082 124.645.848.221.080 -18.630.661.022.998 -14.95
and service provision
Gross profit 12.937.840.695.572 16.763.426.239.552 -3.825.585.543.980 -22.82
Financial revenue 3.173.086.404.949 3.743.650.707.331 -570.564.302.382 -15,24
Financial expenses 5.191.511.844.389 7.026.723.285.241 -1.835.211.440.852 -26,11
Selling expenses 1.961.362.129.952 2.665.806.087.302 -704.443.957.350 -26,42
Administrative
1.307.290.336.873 1.019.444.279.447 287.846.057.426 28,23
expenses
Net profit from
7.650.762.789.307 9.794.030.627.309 -2.143.267.838.002 -21.88
business operations
Other income 771.973.465.495 872.024.724.926 -100.051.259.431 -11,47
Other expenses 630.007.511.629 743.114.224.951 -113.106.713.322 -15,22
Results from other
141.965.953.866 128.910.499.975 13.055.453.891 10.13
activities
Pre-tax accounting
7.792.728.743.173 9.922.941.127.284 -2.130.212.384.111 -21.47
profit
Current corporate
1.073.551.888.059 1.001.020.240.086 72.531.647.973 7.25
income tax expense
Deferred corporate
(81.211.459.967) 477.491.832.682 -558.703.292.649 -117.01
income tax expense
Net profit after
6.800.388.315.081 8.444.429.054.516 -1.644.040.739.435 -19.47
corporate income tax
(Source: Author compiled based on the company's financial statements for
2023)
The year 2023 marks a challenging period for Hoa Phat Group, with revenue reaching
80% of the plan and a 16% decrease compared to 2022. The steel industry, accounting for
94% of the Group's total revenue, witnessed a 16% decline due to reduced consumption

9
demand and falling steel prices. Profit also decreased by 19% compared to last year,
mainly due to a 22% drop in the steel industry.
The steel market is facing many difficulties due to the global steel price plummeting, a
sluggish real estate market, and the prolonged impact of the Russia-Ukraine conflict
along with the post-COVID-19 recession. However, the steel sector still plays a dominant
role, contributing 94% of the Group's revenue and 92% of its after-tax profit.
Steel product sales volume reached 6.72 million tons, a decrease of 7%. However, Hoa
Phat still maintains its number one position with a 34.7% market share in construction
steel and a 28.3% market share in steel pipes. The company is also in the top 5 in terms of
market share for coated steel.
Notably, the agriculture sector, which accounts for 5% of revenue, recorded an
impressive profit growth of 236%. Hoa Phat has established its leading position in this
industry after 8 years of operation, especially in the field of poultry and pig farming. The
company currently holds the number one market share for clean chicken eggs in the
North and has supplied over 440,000 high-quality meat and breeding pigs in 2023.

IV. Analysis of financial ratios

1. Liquidity ratios
Stock code HPG HPG
Term/year 2022 2023
Liquidity index group
Current ratio Time 1.29 1.16
Quick ratio Time 0.74 0.67
(Source: https://finance.vietstock.vn/truy-xuat-du-lieu/chi-so-tai-chinh.htm)
The current ratio of Hoa Phat decreased from 1.29 times in 2022 to 1.16 times in 2023.
Although there has been a decline, the ratio remains above 1, indicating that the company
still has the ability to meet short-term obligations with short-term assets. However, this
downward trend may be noteworthy and needs to be monitored.
The quick ratio also slightly decreased from 0.74 times in 2022 to 0.67 times in 2023.
This shows that the company's ability to pay immediately with the most liquid assets has
declined. A ratio below 1 indicates that the company may face some pressure in meeting
short-term debts if it relies solely on highly liquid assets.
The decline in both liquidity ratios may reflect Hoa Phat's tighter management of
working capital or an increase in investment in long-term assets. However, this could also
increase short-term liquidity risk.

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Although there has been a decline, Hoa Phat's liquidity indicators remain relatively
stable. The company needs to continue monitoring and managing carefully to maintain
liquidity and ensure a balance between growth and financial safety.

The chart shows Hòa Phát's liquidity index over the two years
2022 - 2023.
1.29
1.3
1.16
1.1
0.9
0.74
0.67
0.7
0.5
0.3
0.1
Current ratio Quick ratio
HPG 2022 1.29 0.74
HPG 2023 1.16 0.67

HPG 2022 HPG 2023

2. Key performance indicators

Stock code HPG HPG
Term/year 2022 2023
GROUP OF ACTIVITY EFFICIENCY INDICATORS
Inventory turnover Roun
d 3.25 3.07
Average customer payment collection time Day 10.24 13.74
Total asset turnover Roun
d 0.81 0.66
Average inventory period Day 112.19 118.77

Facing the pressure of rising input material prices, Hoa Phat has implemented a strategy
to adjust its inventory structure. Specifically, they reduced the level of raw material
inventory to the maximum, in order to limit the production of high-cost finished products.
At the same time, this measure helps reduce pressure on working capital and financial
costs.
The value of finished products and goods as of December 31, 2023, decreased by 25%
compared to the same period last year. Combined with the increased inventory turnover
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rate, this indicates positive signs of a sales recovery. These indicators reflect Hoa Phat's
flexible adaptability to market fluctuations, while also maintaining efficiency in inventory
management and meeting market demand.
The average customer payment collection time it was increased from 10.24 days to 13.74
days. This is a significant sign, indicating that the company is taking longer to collect
receivables. This can affect the company's cash flow and short-term liquidity.
The total asset turnover decreased from 0.81 times to 0.66 times. This decline indicates
that the company's asset utilization efficiency is decreasing. Hoa Phat is generating less
revenue per asset compared to last year, which may be due to new investments not
yielding immediate results or difficulties in increasing sales.
Overall, the operational performance indicators of Hoa Phat in 2023 all show a
downward trend compared to 2022. This reflects some challenges in operational
management, particularly in managing debts and utilizing assets effectively. The
company needs to review and take measures to improve these indicators to enhance
operational efficiency in the future.
3. Financial leverage ratios
Stock code HPG HPG
Term/year 2022 2023
GROUP OF FINANCIAL LEVERAGE RATIOS
Debt to Total Assets Ratio % 43.57 45.24
Debt-to-Equity Ratio % 77.22 82.60
(Source: https://finance.vietstock.vn/truy-xuat-du-lieu/chi-so-tai-chinh.htm)
The debt-to-total-assets ratio increased from 43.57% in 2022 to 45.24% in 2023.
This shows that the company is using more debt to finance its assets. Although the
increase is not very significant, this trend deserves attention because it reflects a higher
level of financial risk.
The debt-to-equity ratio increased significantly from 77.22% in 2022 to 82.60% in 2023.
This increase indicates that Hoa Phat is using financial leverage more, with the debt-to-
equity ratio rising. This can increase financial risk but can also bring benefits from
leveraging if the company manages it effectively.

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 The chart shows the financial leverage index of Hoa Phat Group
over the two years 2022 - 2023.
90
82.6
80 77.22

70
60
50 43.57 45.24
40
30
20
10
0
Debt to Total Assets Ratio Debt-to-Equity Ratio

HPG 2022 HPG 2023

The upward trend of both indices indicates that Hoa Phat is increasing its use of debt in
its capital structure. This may reflect the company's expansion or investment strategy, but
it also needs to be monitored carefully to ensure debt repayment capability and maintain
financial stability.
Although these ratios remain manageable, continuous increases could pressure the
company's liquidity and increase its financial risk in the future. Hoa Phat needs to
carefully weigh the benefits of using economic leverage against the potential risks
involved.
4. Profitability indicators
Stock code HPG HPG
Term/year 2022 2023
GROUP OF PROFITABILITY INDICATORS
Gross margin ratio % 11.85 10.88
Return on net revenue % 5.97 5.72
Return on average equity (ROE) % 9.08 6.87
Return on average total assets
% 4.87 3.82
(ROA)
(Source: https://finance.vietstock.vn/truy-xuat-du-lieu/chi-so-tai-chinh.htm)

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 The chart shows the profitability index of Hoa Phat Group over
the two years 2022 - 2023.
14
11.85
12 10.88
10 9.08
8 6.87
5.97 5.72
6 4.87
3.82
4

0
Gross margin ratio Return on net revenue Return on average equity Return on average total
(ROE) assets (ROA)

HPG 2022 HPG 2023

A more detailed analysis of Hoa Phat's figures in 2022 and 2023 reveals a multifaceted
picture of the company's operational efficiency. The gross profit margin decreased from
11.85% to 10.88%, equivalent to a decrease of 0.97 percentage points. This may reflect
increased competitive pressure or rising input costs, forcing the company to accept lower
profit margins to maintain market share. The profit margin on net revenue also slightly
decreased from 5.97% to 5.72%, down 0.25 percentage points. Although the decrease is
not significant, it indicates that the company's ability to convert revenue into profit is
facing challenges.
Most notably, there was a sharp decline in the ROE index, from 9.08% to 6.87%,
equivalent to a decrease of 2.21 percentage points. This is a significant decrease,
indicating that the efficiency of using equity capital is deteriorating severely.
Similarly, ROA also decreased from 4.87% to 3.82%, a drop of 1.05 percentage points.
The decrease in ROE and ROA is much greater than the decrease in gross profit margin
and net profit margin, suggesting that the company may have increased its capital or
assets without generating corresponding efficiency.
Overall, although all the indicators have decreased, the degree of decrease is not uniform.
The profit margin on net revenue decreased the least (4.19%), while ROE decreased the
most (24.34%). This shows that Hoa Phat is having difficulty converting business
operations into profits for shareholders. However, it should be noted that despite the
decline, the indicators remain positive, indicating that the company still has the ability to
be profitable, even while facing significant challenges in the current business
environment.

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V. Conclusion
Hoa Phat has many competitive advantages with a strong financial situation, as evidenced
by a reasonable debt-to-equity ratio. The company has diversified its business into
agriculture and real estate, helping to reduce risk and increase sustainability. The business
also adapts well to market fluctuations and focuses on investing in new technologies
aimed at sustainable development.
Difficulties: Hoa Phát has to face many challenges from macroeconomic fluctuations
such as inflation and raw material prices. The company also faces fierce competition in
the steel industry, especially from Chinese rivals. Additionally, environmental issues from
steel production and uncontrollable factors such as pandemics and conflicts also
significantly impact the company's operations.
Measures: To improve the situation, Hoa Phát needs to diversify its products and export
markets, focusing on high-value-added products. The company needs to adopt new
technology to enhance production efficiency, reduce costs, and ensure quality. Managing
the volatility of raw material prices, especially coke and iron ore, as well as developing
contingency plans for risks, is very important.
Recommendation: In the face of the 2024 challenges with high raw material prices and
interest rates, Hoa Phat needs to intensify investment in the Dung Quat 2 project, adjust
production flexibly according to the market, and manage inventory well. The company
also needs to closely monitor economic developments to adjust its borrowing policies
accordingly, while also promoting digital transformation and R&D to enhance operational
efficiency.
Conclusion: Although 2023 was a challenging year, Hoa Phat still maintained its market
leadership position thanks to effective cost management, a stable supply chain, and a
team of experienced employees. This demonstrates the sustainability of the business
model and the company's ability to adapt well to market fluctuations.

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REFERENCES
Tập đoàn Hòa Phát: Chọn tôi luyện khắt khe để bước ra thế giới (2022),
https://www.hoaphat.com.vn/tin-tuc/tap-doan-hoa-phat-chon-toi-luyen-khat-khe-de-buoc-
ra-the-gioi.html
Báo cáo phân tích doanh nghiệp, (VIE) PSI_BCPT_HPG_032023.pdf
Báo cáo tài chính hợp nhất cho năm kết thúc ngày 31 tháng 12 năm 2022 (2023),
20220320-hpg-bao-cao-tai-chinh-hop-nhat-sau-kiem-toan-nam-2022.pdf
Báo cáo tài chính hợp nhất cho năm kết thúc 31 tháng 12 năm 2023 (2024), bctc-hop-
nhat-nam-2023-kiem-toan.pdf
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