AsemconnectVietnam - Hoa Sen Group Joint Stock Company (stock code HSG) has just announced a Board of Directors resolution approving the establishment of a representative office in Mumbai (India).

The Hoa Sen Group's representative office in India is located at Apartment 201, 2nd floor, Building B, SUBA ZIRCOM Apartment Complex, Sahar Road, Chakala Area, Andheri East District, Mumbai City (India). The office's function is to handle company business communications (it does not conduct direct business activities). The head of the representative office in India is Mr. Le Duc Tung (born in 1997).
India is currently the world's 4th largest economy (after the US, China, and Germany) with an estimated GDP of approximately US$4.18 trillion. The main drivers of this South Asian nation's development come from its population of over 1.4 billion people, a huge domestic consumer market, digital technology, and service exports.
Expanding into the Indian market is a step towards diversifying markets amidst the challenges facing Hoa Sen's export operations. In previous years, exports accounted for approximately 45%-60% of total production, but Hoa Sen reports that this figure will be around 30% this year.
The global situation remains complex, with geopolitical conflicts and trade wars affecting the world economy and global supply chains. The steel industry is expected to face difficulties in export markets due to countries maintaining trade protectionism such as the US, Canada, Mexico, and the EU.
Meanwhile, the domestic market is fiercely competitive as businesses are focusing on exploiting the domestic market.
In the 2025-2026 fiscal year, Hoa Sen aims to focus on maintaining and growing its traditional export markets such as Southeast Asia, the Middle East, Australia, and Europe. Simultaneously, the company will also accelerate expansion into new markets such as South America, Africa, and East Asia.
Source: VITIC/Bao Tai chinh – Dau tu