Billionaire Tran Dinh Long's family assets "evaporated" nearly 2,800 billion VND after Mr. Trump's statement

(NLDO) - In the stock market session on February 10, Hoa Phat Chairman Tran Dinh Long lost more than 2,000 billion VND in asset value due to the sharp decrease in HPG shares.

At the end of the trading session on February 10, the VN-Index decreased by 11.94 points, down to 1,263 points; the HNX-Index decreased by 1.52 points, down to 227 points; and the UPCoM-Index decreased by 0.6 points, down to 96 points.

Order matching liquidity on the HoSE floor reached nearly 795 million shares, equivalent to a transaction value of VND 18,878 billion.

In this session, steel stocks became the focus of the market when they fell sharply after US President Donald Trump announced a 25% tax on all steel and aluminum imported from countries, including Vietnam.

Specifically, HSG shares of Hoa Sen Group decreased by 4.52% to VND16,900; NKG shares of Nam Kim Steel Joint Stock Company decreased by 3.6% to VND13,500.

Notably, HPG shares of Hoa Phat Group fell sharply by 4.7% - the strongest adjustment in the past 6 months, down to VND25,400. Trading liquidity of this stock ranked first in the market, with more than 61 million units.

Accordingly, the asset value of Hoa Phat Chairman Tran Dinh Long, who owns 1.65 billion HPG shares, "evaporated" more than 2,000 billion VND, down to nearly 42,000 billion VND.

Similarly, the asset value of Ms. Vu Thi Hien, Mr. Long's wife, also decreased by more than VND550 billion, bringing the value of 440 million HPG shares she holds down to VND11,180 billion . Mr. Long's son also decreased his asset value by more than VND184 billion, down to VND3,733 billion.

Thus, after the sharp decline of HPG shares, Mr. Tran Dinh Long's family lost nearly 2,800 billion VND in asset value.

Regarding business results, in 2024, Hoa Phat recorded revenue of VND 140,560 billion, an increase of 17% over the previous year, achieving the 2024 plan. Profit after tax reached VND 12,020 billion, an increase of 77% over 2023 and exceeding the annual plan by 20%.

In 2024, Hoa Phat produced 8.7 million tons of crude steel, an increase of 30% compared to 2023. Sales of HRC steel products, construction steel, high-quality steel and steel billets reached 8.1 million tons, an increase of 20%.

Of which, construction steel and high-quality steel reached 4.48 million tons, up 18% over the previous year. HRC hot-rolled steel produced more than 3 million tons, up 5% over 2023.

At the Government Standing Committee meeting with businesses on tasks and solutions for private businesses to accelerate, make breakthroughs, and contribute to the country's rapid and sustainable development in the new era held on the morning of February 10, the Chairman of Hoa Phat Group proposed the need to deploy the exploitation of Thach Khe mine to fundamentally solve the annual source of raw materials and save foreign currency.

In the 2025 - 2030 plan, public investment capital is very large, especially the Hanoi and Ho Chi Minh City urban railway projects, the Lao Cai - Hanoi - Hai Phong railway project. This is a great opportunity for businesses.

Mr. Tran Dinh Long said that in the near future, Hoa Phat may invest in a rail manufacturing factory, investing 10,000 billion VND. This is a very special product, if it is not used for the project, it will not know who to sell it to.

Hoa Phat hopes to have a document like a resolution so that businesses can confidently invest and produce products to serve the project.

Hoa Phat promised to ensure the supply of steel for the Railway Corporation to carry out the project. It is expected that about 10 million tons of steel will be needed, Hoa Phat committed to ensuring the quantity of 10 million tons, quality, delivery schedule and price lower than import price.

Source: https://nld.com.vn/tai-san-gia-dinh-ti-phu-tran-dinh-long-boc-hoi-gan-2800-ti-dong-sau-tuyen-bo-tu-ong-trump-19625021019120139.htm