- Hoa Sen Group (HSX: HSG) announced big changes in the business from the steel maker to material retailer in its 2021 AGM. HSG decided to stop expanding their manufacturing capacity and focusing into payment debts; focus on developing Hoa Sen Home, the new distibution and retail channel which aims to sell all construction materials and interiors for building houses; and M&A construction material companies.
- According to the BOD, the market of galvanised steel sheet has gradually become saturated and Hoa Sen Group wants to look for the opportunities in the distribution and retail sector of housing materials and interiors. The company also planned to increase the profits to VND1,500 bn in 2020- 2021. - Hoa Sen Group wants to utilise its logistics system and take advatages of factories locations to support Hoa Sen Home chain. - Build an ecosystem of housing materials with partnerships of providers nationwide.
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