It bought them on the market on April 6 when HPG was trading at around VND49,400, which puts the value of the deal at around VND59 billion ($2.56 million).

The Vietnam-focused Dragon Capital manages around $2.9 billion worth of assets.

Hoa Phat is set to build a second steel production complex in Dung Quat in the central province of Quang Ngai starting in January 2022, and it will go on stream three years later, which could boost its annual and profits by as much as 80 percent.

The plant, to cost VND62 trillion ($2.7 billion), will be able to produce 5.6 million tons of steel a year.

Hoa Phat targets 33 percent growth in revenues and post-tax profits this year to VND120 trillion and VND18 trillion.