Hoa Phat Dung Quat steel complex to be operational in Q3 hinh anh 1The process of the Hoa Phat Dung Quat iron and steel production complex project is on schedule. (Source: VNA)

Hanoi (VNA) – The process of the Hoa Phat Dung Quat iron and steel production complex project is on schedule with the first line expected to be operational in the third quarter of this year, meeting demands of the central and southern regions.  

According to Hoa Phat Group, other items are projected to be completed from the fourth quarter of this year to 2019. It aims to put both phases of the project into a trial run in late 2019.

By the end of the first quarter of 2018, Hoa Phat Group reported revenue of 13 trillion VND (572 million USD), and a post-tax profit of 2.2 trillion VND (96.8 million USD), up 25 percent and 14 percent year-on-year, respectively. The steel sector remained the driver of Hoa Phat during the reviewed period, the group said.

The busy construction market in the first months helped Hoa Phat grow nearly 10 percent against the corresponding time last year, with an output of 542,000 tonnes. With the yield, the group has maintained its leading position in the domestic construction steel sector with its market share exceeding 24 percent.

Between January and March, the group exported 73,000 tonnes of steel sheets, a rise of 40 percent year-on-year, earning more than 42 million USD. Its major markets included Australia, ASEAN member nations, the US and Canada.

Of note, Hoa Phat Group has shipped wire-drawing steel to the Republic of Korea (RoK) and Laos for the first time.

Other products like interiors, refrigeration and building equipment have also maintained their market shares.

In the sphere of real estate, the group is speeding up the hand-over of its Mandarin Garden 2 housing project and Hoa Phat 70 Nguyen Duc Canh apartment building, and infrastructure projects at several industrial parks.

Thanks to its outstanding performance, Hoa Phat has been named in the list of the strongest Vietnamese brand names, and taken the lead among the top ten prestigious construction material businesses in the country.-VNA