Son Ha International

What Son Ha International does

Son Ha International (SHI; HOSE: SHI) is a Hanoi-headquartered, publicly listed Vietnamese diversified industrial conglomerate founded in 1998 that operates across four business verticals: industrial stainless steel manufacturing (welded inox pipes and tubes via subsidiary Son Ha SSP), household consumer goods (stainless steel water tanks, sinks, and indoor/outdoor water heaters), water treatment and clean water supply, and clean energy (solar water heaters and PV panels through subsidiary SHE). The group's industrial backbone comprises 70,000m² of manufacturing footprint split between Phùng (Hanoi) and Bàu Bàng (Bình Dương) industrial parks, housing over 200 production lines with annual capacity of 80,000 tons of welded stainless steel pipes and 350,000 water heater units, and is uniquely PED-certified by TÜV Germany for pressure equipment.

Revenue is generated predominantly through one-time hardware sales across a hybrid go-to-market model: direct enterprise field sales supported by an online bidding platform (dauthau.sonha.com.vn) for B2B industrial buyers; an extensive authorized dealer and distributor network across Vietnam for consumer products; direct exports to more than 50 countries (notably the US, France, Germany, Russia, India, Turkey, Brazil, Poland, and Australia) with a wholly-owned Myanmar distribution subsidiary; and an owned consumer e-commerce storefront (ngoinhasonha.com). FY2025 consolidated revenue reached 11,765 billion VND (~$447M USD), up 4.5% YoY, with gross margin of 8.5% and operating cost discipline (operating costs up only 0.5%), while peak historical stainless steel export revenue reached $70M/year into the US alone and Son Ha SSP holds the #1 imported steel pipe brand position in India.

Name

Son Ha International

Legal name

Công ty Cổ phần Quốc Tế Sơn Hà

Website

https://sonha.com.vn

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Son Ha International is a Hanoi-based, publicly listed Vietnamese industrial conglomerate (HOSE: SHI) manufacturing stainless steel pipes, household water tanks and heaters, clean-water infrastructure, and solar energy products, exporting to more than 50 countries.

Ownership category

akta.pro rank

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585)

akta.pro primary industry

HVAC, Water Heaters & Indoor Air Quality Distribution (CRAOAFAJ)

Keywords

• Stainless steel manufacturing
• Water storage tanks
• Solar water heaters
• Water treatment systems
• Industrial real estate

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Industrial Stainless Steel Products (Inox Pipes, Tubes): Son Ha SSP produces and sells industrial welded stainless steel pipes and tubes manufactured to international standards (ASTM, EN, JIS, DIN). Products are sold domestically in Vietnam and exported to over 50 countries. Revenue is generated through one-time product sales to industrial customers, manufacturers, and construction projects. Peak export revenue reached $70 million/year at certain periods.
2. Household Appliances (Water Tanks, Water Heaters, Sinks): Son Ha manufactures and sells consumer durable goods including stainless steel water tanks, water heaters (indirect, direct, and large-capacity), solar water heaters, and stainless steel sinks. Products are distributed through dealer networks, e-commerce platforms, and retail outlets across Vietnam. Revenue is generated through one-time product sales.
3. Water Treatment and Supply Services: Son Ha operates in the water treatment and clean water supply sector through subsidiary companies, providing industrial water treatment solutions and clean water distribution services to both industrial and residential customers.
4. Clean Energy (Solar Products): Through subsidiary Son Ha Energy Development JSC (SHE), the company manufactures and sells solar water heaters (Thai Duong Nang products) and is expanding into other renewable energy products. Export orders have been secured for Australia with expansion planned for Europe, the US, and Canada.
5. Industrial Real Estate: Son Ha Group operates in the industrial real estate sector, developing and managing industrial infrastructure and properties in Vietnam.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Son Ha International is a Vietnamese industrial conglomerate that manufactures and sells stainless steel products for industrial applications and household water appliances (water storage tanks and water heaters), alongside water treatment systems, solar/clean energy products, and industrial real estate (warehouses, factories for lease). It serves both B2B industrial customers and B2C household consumers in Vietnam.

Product overview

Son Ha International is a diversified Vietnamese conglomerate operating across four core business segments: (1) Industrial Manufacturing — producing stainless steel (inox) products including industrial welded pipes (10-inch and 12-inch), decorative pipes, cast pipes, and cold-rolled coils via its Son Ha SSP subsidiary; (2) Consumer Goods Manufacturing — producing stainless steel water tanks (bồn nước inox), stainless steel sinks (chậu rửa inox), underground water tanks (bể nước ngầm inox), and heat-shield covers for water tanks (áo giáp chống nóng); (3) Water Heaters — manufacturing direct and indirect water heaters (bình nóng lạnh trực tiếp/gián tiếp), solar water heaters (Thái Dương Năng), and Heat Pump water heaters; and (4) Water Treatment and Industrial Real Estate. The company operates B2C and B2B/OEM channels, exporting to over 50 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Sơn Hà SSP: Industrial stainless steel (inox) pipe and tube products brand, established as a subsidiary in 2015. Products exported to 50+ countries, with leading market position in India.
• Thái Dương Năng (Solar Water Heating)
• Freesolar

Quantifiable outcome

• Industrial stainless steel export revenue reached $70 million/year at peak periods
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Sandvik AB: Swedish multinational engineering group specializing in stainless steel materials, tubes, and special alloys. Comparable to Son Ha SSP at the high-spec industrial stainless steel segment and benchmarks premium pricing, certification (PED), and technical sales capability.
• A. O. Smith Corporation: Global leader in water heating and treatment with a major manufacturing footprint in Asia. Comparable to Son Ha's water heater division in product category, manufacturing scale (millions of units/year), and premium branding — but operates at vastly larger scale globally.
• Tata Steel Limited: India-based global steel manufacturer with strong stainless steel pipe/tube operations. Relevant comparator to Son Ha SSP for India market entry (Son Ha is the #1 imported steel pipe brand in India) and benchmark for cost-competitive Asian stainless steel production at scale.
• Rinnai Corporation: Japanese manufacturer of water heaters, heating systems, and gas appliances with global distribution. Comparable to Son Ha in water heater manufacturing technology, premium positioning, and dealer-based distribution model.
• Ariston Group: Italian global leader in water heating and HVAC with strong presence in Vietnam and ASEAN. Directly competes with Son Ha in Vietnamese consumer water heaters and renewable heating (heat pumps), and is a benchmark for international expansion of water-heating brands.
• Bosch Thermotechnology: German manufacturer of heating systems, water heaters, and heat pumps under Bosch and Buderus brands. Comparable to Son Ha's water heater and heat pump product lines in technology positioning, TÜV/PED-grade certification, and premium European/Asian market presence.

Direct peers

• Nam Kim Steel Joint Stock Company: Vietnamese steel pipe and galvanized steel producer (NKG on HOSE). Direct competitor to Son Ha SSP in domestic steel pipe manufacturing and shares similar B2B/export exposure with production capacity in the tens of thousands of tons annually.
• Noritz Corporation: Japanese manufacturer specializing in water heaters (gas, electric, heat pump, and solar-assisted). Comparable to Son Ha in water heater technology breadth, premium consumer branding, and dealer-based distribution across Asian markets.
• Hoa Phat Group: Vietnam's largest steel manufacturer (HPG on HOSE), producing construction steel, steel pipes, and galvanized products. Directly comparable to Son Ha SSP in Vietnamese industrial stainless/steel pipe manufacturing and competes for the same B2B construction and infrastructure customers.
• Hoa Sen Group: Vietnamese steel pipe and roofing manufacturer (HSG on HOSE) with significant export operations. Closely comparable to Son Ha SSP in product mix (steel pipes, building products) and export-oriented business model serving Southeast Asian and international markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SonHaGroup

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Son Ha International