Ahead of a potential free trade agreement with Russia, we revisit HPG and find that its high level of integration, capacity expansion and entrenchment in the local market solidify its competitiveness not only against Russian but also Chinese producers and even Formosa, the foreign-invested local producer. We are seeing double-digit sales growth in Vietnam’s steel sector in 2014 vs. low-single digits in 2013 and negative growth in 2011-12.