During the trading session on June 17, the stock market was under strong selling pressure after the VN-Index lost the 1,300-point threshold last week. However, some steel stocks increased dramatically.

At the end of the first trading session of the week, HPG shares of Hoa Phat Group - where billionaire Tran Dinh Long is chairman - increased by 1.4%, to VND29,500/share.

Hoa Sen Steel (HSG) shares of tycoon Le Phuoc Vu also increased by nearly 7%, to 25,150 VND/share; Dai Thien Steel (DTL) increased by the maximum margin, by 6.9%, to 14,750 VND/share; Nam Kim Steel (NKG) increased by 4.3%, to 26,800 VND/share...

Steel industry stocks rose sharply after Vietnam launched an investigation to apply anti-dumping measures on galvanized steel products (also known as galvanized iron) from abroad.

Specifically, on June 14, the Ministry of Industry and Trade issued a decision to investigate and apply anti-dumping measures on some galvanized steel products originating from China and South Korea, according to the request documents of 5 companies: Hoa Sen Group Corporation; Nam Kim Steel Corporation; Ton Phuong Nam Company; Ton Dong A Corporation and China Steel & Nippon Steel Vietnam Corporation.

TranDingLongbigsize HH3OK.jpg
Mr. Tran Dinh Long has the 3rd largest assets on the stock exchange. Photo: HH

In addition, the Ministry of Industry and Trade also announced that it had received a complete and valid dossier requesting an investigation into the application of anti-dumping measures on hot-rolled steel products (HRC) from India and China. Previously, HPG and Formosa Ha Tinh Steel Corporation requested an investigation.

Vietnam imposed anti-dumping duties on galvanized steel products imported from China and South Korea in 2017, with the highest rate of 38.34%. After 5 years of implementation, the Ministry of Industry and Trade decided to end this order. By 2023, steel companies will continue to submit documents to request the initiation of an investigation.

HPG Chairman Tran Dinh Long said that initiating an anti-dumping investigation is in accordance with WTO standards and is normal.

In Vietnam, the market share of imported steel is larger than domestically produced steel, with low prices, causing difficulties for domestic enterprises. HPG is currently the largest steel producer in Southeast Asia, with a total output of over 20 million tons. HPG's steel scale will increase in the coming years when the Dung Quat 2 mega project comes into operation from 2025.

Billionaire Tran Dinh Long's Hoa Phat revenue at that time was forecast to double, to nearly 190 trillion VND.

The steel industry's prosperity, along with the strong increase in demand for Hoa Phat Group's HPG shares... are factors that help billionaire Tran Dinh Long's assets increase rapidly. The business prospects of this tycoon from Hai Duong are quite bright.

According to the Forbes 2024 list (published in early April), Mr. Tran Dinh Long had the fastest growth in assets among Vietnamese billionaires in the past year. Accordingly, the steel tycoon added 800 million USD, reaching 2.6 billion USD and ranked 3rd among the richest people on the Vietnamese stock market.

As of June 17, according to Forbes, Mr. Tran Dinh Long had assets of 2.7 billion USD, ranking 3rd in Vietnam, after Mr. Pham Nhat Vuong (4.2 billion USD) and Ms. Nguyen Thi Phuong Thao VietJet (2.8 billion USD).

In the stock market, selling pressure is still strong. In the session of June 17, many pillar stocks decreased sharply such as: Masan (MNS), BIDV (BID), FPT, Mobile World (MWG)...

Although the market has fallen sharply since the last session of last week, overall, according to VNDirect, the decline has not changed the medium-term upward trend of the market, especially in the context of the domestic macro foundation remaining stable and improving in some aspects such as growth, import and export, exchange rate stability and gold market, etc. The correction is considered to be of small magnitude and will not last long.

Billionaire Tran Dinh Long leads the way in asset growth, will he be richer than Pham Nhat Vuong? The steel industry is booming and demand for Hoa Phat Group (HPG) shares is increasing rapidly... are factors that help billionaire Tran Dinh Long's assets increase rapidly. The business prospects of this tycoon from Hai Duong are quite bright.