Tran Dinh Long, Chairman of the Director Board of Hoa Phat Group (Source: hoaphat.com)

Hanoi (VNA) – Hoa Phat Group (HPG) said it hopes to earn more than 100 trillion VND (4.4 billion USD) in revenue by 2020, the year the Hoa Phat Dung Quat iron and steel production complex is expected to become fully operational.

Earning this amount of revenue will mean HPG contributes some 10 trillion VND (440 million USD) to the State budget.

The Hoa Phat Dung Quat iron and steel production complex, based in the central province of Quang Ngai, is expected to cost 52 trillion VND (2.2 billion USD) and have annual capacity of 4.5 million tonnes.

The project will use state-of-the-art technologies provided by the Netherlands, Italy and Germany.

HPG plans to allocate 30 percent of the project’s investment capital to environmental components. Once completed, the project is hoped to lift the group to among the world’s top 50 steel producers.

In 2017, the group earned 46.8 trillion VND (2.05 billion USD), up 38 percent from 2016, and hit a record post-tax profit of 8 trillion VND (351 million USD), surpassing its target by 33 percent, up 21 percent year on year.

Over the past ten years, subsidiaries of HPG have contributed more than 20 trillion VND (878 million USD) to the State budget, equivalent to the amount of the central province of Quang Nam, one of the nation’s top 10 contributing provinces.-VNA