Hoa Phat's agricultural "ecosystem"
Information Hoa Phat Agricultural Development Joint Stock Company (HPA), a subsidiary of Hoa Phat Group, has just officially submitted its first public offering (IPO) to the State Securities Commission.
HPA plans to offer a maximum of 30 million shares to investors, opening up new investment opportunities in the Vietnamese stock market. According to HPA, the principle of stock valuation will not be lower than the book value on each stock. The financial report on June 30, 2025 showed that HPA's book value reached VND 11,887/share.
The capital raised from IPO will be used to contribute capital to farms and feed factories, while adding mobilized capital for business operations. In addition, the company also aims to expand production scale, optimize supply chains and invest heavily in the Central - Southern region. HPA plans to list shares on the Ho Chi Minh City Stock Exchange (HoSE) as early as December 2025, with the stock code expected to be HPA.
Hoa Duoc owns a 99.9992% stake in Hoa Phat Agricultural Development Joint Stock Company ( Agro- corporation) - this is the nuclear company that controls and manages all agricultural business activities of Hoa Phat Group.
Hoa Phat has been involved in the agricultural sector since 2015, with Hoa Phat Agricultural Development Joint Stock Company as the main legal entity managing and operating. Current main business activities include the production of feed for livestock, pig farming, cattle farming and poultry farming.
The four key enterprises in the agricultural "ecosystem" of Hoa Phat are Hoa Phat Hung Yen Livestock Food Company Limited, Hoa Phat Livestock Development Joint Stock Company, Hoa Phat Trading Company Limited, Hoa Phat Phu Tho Livestock One Member Co., Ltd.
In addition to the above 4 units, the group still has a series of other members such as Hoa Phat Phu Tho Livestock Food, Hoa Phat Dong Nai Livestock Food Company Limited, Lac Thuy Livestock, Son Dong Livestock, Hoa Yen Livestock, Thai Thuy Livestock, Hoa Phuoc Livestock, Hoa Phat Dong Nai Livestock...
In 2021, Hoa Phat completed the restructuring of the Group's operating model according to 5 Corporations in charge of each field: Steel gang - Steel products - Agriculture - Real estate - Electricity and Appliances. Since then, Hoa Phat Agricultural Development Joint Stock Company has been called Hoa Phat Agricultural Corporation.
A series of capital restructuring moves before IPO
Recently, Hoa Phat has made a number of changes to agricultural companies. In July 2025, Hoa Phat Agricultural Development Joint Stock Company reduced its charter capital from VND 2,800 billion to VND 2,550 billion and reduced the number of business lines from VND 49 to VND 29. Hoa Phat Livestock Development Joint Stock Company reduces its charter capital from VND 1,200 billion to VND 1,000 billion.
Previously, in June 2024, Hoa Phat Agricultural Corporation had a capital reduction from VND 3,100 billion to VND 2,800 billion; Hoa Phat Hung Yen Livestock Food Company Limited also reduced its charter capital from VND 800 billion to VND 400 billion. Meanwhile, Hoa Phat Trading Company Limited (owning cow farms) increased its capital from VND600 billion to VND800 billion.
The agricultural sector is currently the second largest contributor to Hoa Phat Group after steel. The 2024 annual report of Hoa Phat Group said that this year, the agricultural sector accounts for 5% of the Group's revenue and 8% of its profit. The profit of this group is 4.6 times higher than in 2023.
In particular, Hoa Phat Agricultural Development Joint Stock Company, in 2024, HPA's net revenue will reach VND 7,084 billion, up 12.2% compared to 2023. In the first 6 months of 2025, revenue reached VND 4,325 billion, equal to 61% of the whole year of 2024.
Gross profit recorded a growth of VND544 billion in 2023 to VND1,462 billion in 2024. In the first 6 months of 2025 alone, the company achieved VND 1,206 billion in gross profit, equal to 83% of the results for the whole year of 2024. Thanks to that, after-tax profit in the first half of 2025 reached VND939 billion, 2.3 times higher than the same period in 2024. HPA expects net profit in 2025 to reach about VND1,600 billion, equivalent to EPS of about VND6,274.
