Hovsepyan played his final game on 14 November 2012 in a friendly match against Lithuania, which Armenia won 4–2, and then retired from association football afterward. That same night, Hovsepyan received a standing ovation from the Yerevan Republican Stadium audience. Hovsepyan was awarded a gold Medal of City Hall by Yerevan Mayor Taron Margaryan and awarded a car by Armenian Football Federation head Ruben Hayrapetyan for his contributions to Armenian football. He was the last member of the original Armenian national team to retire.