Hòa Phát Group listed in Forbes’ Top 2,000 largest firms in the world

Hòa Phát Group is the only Vietnamese production firm in the Top 2,000 largest companies in the world in 2022 (Global 2000). Photo courtesy of the firm

HÀ NỘI — Hòa Phát Group had the highest revenue and profit among five Vietnamese firms listed in the Top 2,000 largest companies in the world in 2022 (Global 2000) announced by Forbes. It is also the only Vietnamese production firm in the list.

Forbes collected the latest financial data as of April 22, 2022 to rank businesses globally according to four criteria including revenue, net profit, total assets and market capitalisation.

The other Vietnamese firms included in the list are all banks: Vietcombank, Vietinbank, BIDV and Techcombank.

In 2021, Hòa Phát recorded VNĐ150.8 trillion (US$6.5 billion) in revenue and reached a net profit of VNĐ34.5 trillion for the first time, up 65 per cent and 156 per cent respectively compared to 2020. Its net profit margin in 2021 reached 23 per cent. Its total contribution to the State budget last year was VNĐ12.5 trillion, posting over 70 per cent year-on-year increase.

The Group’s total assets increased sharply in 2021, increasing by nearly 36 per cent compared to 2020, reaching VNĐ178.2 trillion. In which, long-term assets still accounted for the majority when increasing by VNĐ9.3 trillion to VNĐ84 trillion. Its scale of total assets tripled after only four years, from the beginning of investment in the construction of Hòa Phát Dung Quất Iron and Steel Complex in 2017.

In the first quarter of 2022, Hòa Phát Group achieved VNĐ44.4 trillion in revenue, up 41 per cent over the same period last year. Its after-tax profit reached VNĐ8.2 trillion, posting a 17 per cent year-on-year increase. Its total assets at the end of March 2022 were VNĐ185.8 trillion. — VNS