Hoa Phat Group

Materials

HPG

Asset Class: Public Equity

Dates Invested: 2007 – Present

Entry Method: Private Equity

Hoa Phat is the largest steel manufacturer in Vietnam. When we invested in 2007, it was a mid-sized producer, and our capital supported the development of an integrated steel production complex. Over the years, we played a key role in helping the company go public, and we remain invested today, confident in the long-term growth prospects of both Hoa Phat and the broader steel sector.

Investment Rationale: Vietnam’s urbanization rate is accelerating rapidly, fueled by industrialization driven by robust foreign direct investment (FDI). The government’s strong commitment to infrastructure development—allocating approximately 7% of GDP annually toward projects such as high-speed railways, airports, seaports, and highways—is supporting urban migration and further enhancing the country’s appeal to global investors.

Other Case Studies

Airports Corporation of Vietnam

Industrials

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FPT

Hoa Phat Group

Materials

HPG

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Consumer Discretionary

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Healthcare

Private

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Consumer Staples

VNM

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