Hoa Phat invests in Vietnamese offshore wind venture
Vietnam's
Hoa Phat Group has approved a VND600 billion (US$23 million) investment
establishing a new offshore wind focused company.
The steelmaker will acquire a 30% stake in the newly formed Song Hau Offshore
Wind Power Joint Stock Company, which will have VND2 trillion charter capital.
The new company aims to develop renewable electricity projects, including
offshore wind and solar power, marking Hoa Phat's latest move to diversify
from its core steel business.
Hoa Phat has reported strong financial results for the first quarter of
2026, with revenue rising 40.5% yearly to VND53.3 trillion, with their
net profit increasing to VND9.1 trillion.
The company said this reported growth is primarily due to their steel operations,
with additional income from real estate project transfers.
The creation of Song Hau Offshore Wind Power reflects increasing interest
from Vietnamese industrial groups as Vietnam aims to expand its renewable
energy capacity.
For more information about offshore wind
farm projects across the globe, click
here.