Hoa Sen Group, a leading steel producer in Vietnam, said it recently got board approval to set up a wholly owned subsidiary called Hoa Sen Hai Phong One Member Limited Liabilities Company (HSHP), with registered capital of about VND 300 billion (roughly US$11.4 million).

Back in November, the group also decided to establish Hoa Sen Home JSC with registered capital of VND 1 trillion (around US$38 million) to speed up the expansion of its building materials retail business. Hoa Sen Group holds a 99% stake in the company, which mainly sells hardware, paints, glass, and other construction materials.

As for earnings, Hoa Sen Group posted after-tax profit of VND 84.6 billion (about US$3.2 million) in the fourth quarter of fiscal 2025 (July 1 to September 30, 2025), down by 69% from the previous quarter and the lowest quarterly profit in nearly a year.