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In 2025, Hanoi Soap Joint Stock Company (HASO – ticker: XPH) not only returned to profitability after four consecutive years of losses but also achieved a post-tax profit of VND 37 billion.

Recently, HASO released its documents for the 2026 Annual General Meeting of Shareholders. According to these documents, HASO’s net revenue in 2025 reached VND 99 billion, surpassing the target by 68% and representing 2.6 times the figure of 2024. The company also recorded a post-tax profit of VND 37 billion, compared to a loss of VND 7 billion in 2024.

Previously, HASO had set targets for 2025 of VND 59 billion in revenue and a post-tax loss of VND 6 billion.

According to the Board of Management, the significant revenue growth in 2025 mainly stemmed from commercial activities, as the company intensified its merchandise trading efforts to seize market opportunities and effectively leverage its existing distribution network. In addition, HASO’s manufacturing operations also improved over the previous year, with several product lines achieving substantial sales growth, helping maintain a stable supply and further affirming the HASO brand’s presence in northern Vietnam.

“Although profits remain modest, these results mark a positive shift as the company has returned to profitability after many years of difficulty. However, due to accumulated losses from previous years of around VND 81 billion, HASO is still not eligible to distribute profits or pay dividends as per legal regulations,” the Board noted.

Furthermore, HASO faces a high level of overdue receivables, as well as large inventories, including unused materials and finished goods that are degraded or have expired.

On this basis, HASO has set its 2026 targets at net revenue of VND 146 billion—an increase of 47% compared to 2025—and a post-tax loss of VND 4.3 billion. The corresponding sales volume target is 2,768 tons, with a production volume of 2,792 tons.

HASO’s bold revenue target for 2026 is underpinned by the company’s discovery of effective revenue growth solutions in 2025, even amid challenging market conditions.

Assessing the market in 2025, management reported that Vietnam’s economy continued to recover, with GDP estimated to rise by 6–6.5%, and total retail sales of goods and consumer services up by about 9–10% year-on-year. This indicates that domestic consumer demand will continue to improve.

However, the consumer chemicals and home care products market remains highly competitive, with increased participation from both domestic firms and multinational corporations possessing strong financial resources, established distribution systems, and reputable brands. The rise of modern retail, e-commerce, and new distribution channels also places greater demands on companies regarding product quality, marketing capability, and price competitiveness.

Conversely, management is not optimistic about post-tax profits in 2026 for several reasons. First, raw material and production costs may continue to fluctuate significantly due to negative impacts from the Middle East conflict. Second, HASO needs to keep investing in marketing and PR activities, as well as maintain and expand its distribution network. Third, necessary investments must be made to support restructuring and stabilize business operations. Lastly, the company still faces pressure to address accumulated losses from previous years.

“Business planning continues to be approached with caution to ensure financial safety and allow management the flexibility to adapt when market conditions improve,” the Board of Management concluded.

Like many former state-owned enterprises, HASO has struggled since its equitization in 2005 and especially after ending its partnership with Unilever in 2017. From revenue of around VND 260 billion in 2012, the company’s figures dropped to VND 56 billion in 2015, VND 13 billion in 2017, and VND 10 billion in 2018. Since 2019, HASO has begun a challenging recovery, with revenue reaching VND 73 billion in 2019, falling to VND 36 billion in 2023, and recently returning to nearly VND 100 billion in 2025.

In the past 13 years, HASO has only recorded profits in four years: 2012 (VND 42 billion), 2016 (VND 13 billion), 2020 (VND 42 billion), and 2025; its heaviest losses occurred in 2017 (VND 62 billion), 2023 (VND 18 billion), and 2021 (VND 15 billion).

Hanoi Soap Joint Stock Company (HASO) originated as Hanoi Soap Factory, established in 1960. From its inception, as a leading firm in the production of cleaning products for the domestic market, several HASO products became household favorites, including Haso H/s detergent cream, 72% soap bars, Ngọc Lan toothpaste, and jasmine-scented Ngọc Lan soap.

In 1994, Hanoi Soap Company partnered with Unilever Group to establish Lever-Haso Joint Venture, mainly focusing on trading services and contract manufacturing for Unilever Vietnam’s brands. In 2003, all capital contributed by Hanoi Soap Company to the joint venture was transferred to Vietnam National Chemical Group (Vinachem) for management ahead of equitization. On February 1, 2005, Hanoi Soap officially began operating as a joint stock company.

In 2017, HASO ended its manufacturing contract with Unilever, officially entering a new phase focusing on developing its own branded products alongside contract manufacturing. The company now operates a factory with a total area of 18,000 m², a soap bar production line with a capacity of 53 million units per year, and a modern detergent production line with a capacity of 30,000 tons per year.