Illustrative image (Source: VNA)

Hanoi (VNA) – Hoa Phat Equipment & Accessories Co., Ltd, a subsidiary of the leading Vietnamese steel maker Hoa Phat Group (HPG), sold 3,000 tonnes of wire drawing steel in the domestic and foreign markets, namely the Republic of Korea (RoK) and Laos, in the first quarter of 2018.

The product was certified by the Standard Approval Centre No 1 (Quacert 1) to meet standards of Vietnam (TCVN), the American Society for Testing and Materials (ASTM) of the US, the British Standards Institution of the UK, and the Japanese Industrial Standards.

With nine production lines of wire drawing steel and one galvanizing line for the first phase, the plant’s capacity is estimated to reach 40,000 tonnes each year.

The group targets revenue of 55 trillion VND (around 2.42 billion USD) and after-tax profit of 8.05 trillion VND (354.6 million USD) in 2018.

Its accumulated revenue in 2017 reached 46.8 trillion VND (some 2 billion USD), posting an increase of 38 percent year-on-year. After-tax profit also hit a record high to reach 8 trillion VND (352.4 million USD), surpassing the set target by 33 percent and increasing 21 percent over the previous year.

The group’s steel business played the key role, contributing some 90 percent of its total revenue and after-tax profit.

Last year, Hoa Phat exported some 200,000 tonnes of steel products. They included 161,000 tonnes of steel bars and rolled steel to the US, Canada, Australia, Malaysia and Cambodia.

With its positive business results, the group contributed 5 trillion VND (220 million USD) to the State budget in 2017, an increase of 40 percent from 2016.-VNA