HÀ NỘI — The Hanoi Stock Exchange (HNX) has recently approved the listing of 24.5 million shares of the Việt Long Steel Manufacturing Joint Stock Company (VLS) on the Unlisted Public Company Market (UPCoM) from December 15, 2025.

With a reference price of VNĐ10,100 per share, the company’s valuation is approximately VNĐ247.5 billion (US$9.4 million).

VLS was established in 2019 with an initial charter capital of VNĐ42 billion, and has increased its capital four times to VNĐ245 billion as of now.

The company, which is located in the Thanh Liêm Industrial Park, Ninh Bình Province and specialises in the production and trading of black steel pipes, galvanised steel pipes and hot-dip galvanised steel pipes for the domestic market, has a designed capacity of 72,000 tonnes of steel per year and 60,000 tonnes per year for the hot-dip galvanising line.

VLS's products are present in many key national infrastructure projects such as Nguyễn Trãi Bridge - Rào Bridge in Hải Phòng City; Ring Road No. 4 in Hà Nội; Ring Road No. 3 in HCM City; Khánh Hòa - Buôn Ma Thuột Expressway, Đồng Đăng – Trà Lĩnh Expressway, North - South Expressway and Mỹ Thuận No. 2 Bridge.

Regarding business results, VLS’s revenue in 2024 surged by nearly 88 per cent compared to the previous year to over VNĐ600 billion, but after-tax profit dropped by over 90 per cent to VNĐ306 million as the company focused its efforts on expanding its scale and developing markets, causing rapidly increasing costs.

VLS expects its business results to improve in the coming years as the factory operates stably at optimal capacity and as the proportion of revenue from production increases, financial costs are tightly controlled. — BIZHUB/VNS