"No one can make steel forever," said chairman and billionaire Tran Dinh Long at the group's annual general meeting Thursday. He was responding to shareholders’ questions about the next growth strategy for the group.

Established in 1992, Hoa Phat is the most successful steelmaker in Vietnam with revenues of over VND91 trillion ($3.96 billion) last year, and the figure could rise over 50 percent to VND140 trillion this year.

"With such a big scale, Hoa Phat sooner or later will have to operate as a conglomerate," Long said, adding that the company will find suitable locations to build urban complexes.

Another option is to conduct merger and acquisitions in existing areas, he added.

On shareholders' suggestions of buying iron ore mines to ensure an adequate supply of raw material and completing the group’s ecosystem, Long said such a move was not imperative.

There is still an abundant supply of steel globally and therefore the group will only purchase mines when their profitability is certain, he said.

Hoa Phat is also planning to build a second steel manufacturing complex in central Vietnam to expand the production of hot rolled coil steel products, which are currently only produced by the group and Taiwan’s Formosa in Vietnam.

Several banks have shown their willingness to back the VND70 trillion project, Long said.

The group has estimated that Vietnam has an annual demand for 12 million tonnes of hot rolled coil steel, and that it grows around 10 percent every year.

Last year, Hoa Phat's revenues rose over 40 percent year-on-year to VND91 trillion, with post-tax profits rising 80 percent to VND13.5 trillion. It has targeted a profit growth of 33 percent this year.

As of Thursday its ticker HPG had risen 158 percent from its value at the same time last year.