Illustrative image (Photo: VNA)

Hanoi (VNA) – Hoa Phat Group, a major industrial production group in Vietnam, manufactured more than 505,000 tonnes of steel in the first quarter of 2017, up 27.9 percent year on year, while its market share expanded to 24.2 percent.

The group partly attributed the growth to the thriving property market and a surge in purchasing power.

It exported more than 52,000 tonnes of steel, mostly to the US, Canada, Australia and ASEAN countries in Q1 – equivalent to the export volume of all of 2016.

In March alone, the firm sold more than 183,000 tonnes of steel, increasing by two percent from the same period last year but dropping from 242,000 tonnes in February.

As a result, Hoa Phat’s steel market share went up by two percentage points from the end of 2016.

In 2016, it held a 22.2-percent market share with 1.8 million tonnes of steel sold. The group made up about 25 percent of total steel pipe sales in Vietnam, retaining the top spot in the domestic steel pipe market.

It earned 33.88 trillion VND (1.49 billion USD) in revenue and 6.6 trillion VND (291.3 million USD) in post-tax profit last year, respectively soaring by 34 percent and 89 percent from a year earlier.-VNA