[Vietnam] Hoa Phat’s interest expenses exceed VND 14,900 billion since Dung Quat 2 project began

Published: Aug 12, 2026 16:18

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Hoa Phat Group (HPG) has incurred more than VND 14,900 billion in interest expenses in its consolidated business results since breaking ground on the Dung Quat 2 steel project in Q1 2022, with actual interest payments exceeding VND 14,700 billion. The group’s financial debt rose 64.5% to nearly VND 100,000 billion by the end of June 2026, while interest expenses reached nearly VND 2,900 billion in H1 2026, roughly equivalent to the full-year 2025 level. Despite rising leverage and financing costs, Dung Quat 2 has strengthened HPG’s production capacity and supported its business recovery, with H1 2026 revenue exceeding VND 108,000 billion, up 47% YoY, while net profit reached nearly VND 15,500 billion.

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