Hoa Phat Steel Sheet enjoying export advantages from FTAs
Bilateral and multilateral economic cooperation agreements Vietnam has signed have enabled the Hoa Phat Group’s Hoa Phat Steel Sheet Co. Ltd to penetrate into many new markets and promote exports.
Hoa Phat steel sheet has been sold in many markets (Photo courtesy of Hoa Phat)Hanoi (VNA) - Bilateral and multilateral economic cooperation agreements Vietnam has signed have enabled the Hoa Phat Group’s Hoa Phat Steel Sheet Co. Ltd to penetrate into many new markets and promote exports.
The EU-Vietnam Free Trade Agreement, the ASEAN-China Free Trade Agreement, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have all brought about advantages to the company in terms of tariffs in the EU, ASEAN, China, and Asia-Pacific markets such as Australia, Brunei, Canada, Chile, the US, Japan, Malaysia, Mexico, and New Zealand.
It recently signed a number of contracts to export products to markets in Asia, Europe, and Mexico.
A batch of 10,000 tonnes of steel sheet has been shipped to Thailand, which is scheduled to arrive in the country in late August.
Hoa Phat’s Dung Quat factory has succeeded in producing hot rolled coil using Italian production technology, enabling it to become independent in terms of materials and better manage product quality and ensure origin.
The modern production chain has also helped Hoa Phat Steel Sheet meet the strict requirements of fastidious markets.
After two years in Vietnam, Hoa Phat Steel Sheet has staked out a position in the local market, with sales in the first half of 2020 rising 200 percent year-on-year.
Its products are now sold in the US, Mexico, the EU, Australia, Malaysia, Indonesia, Thailand, Cambodia, and elsewhere./.
You should also see
Vietnamese Deputy PM, Venezuelan President hold talks
Vietnamese Deputy Prime Minister Tran Luu Quang held talks with President of Venezuela Nicolás Maduro Moros in Caracas on April 18, as part of his ongoing official visit to the Latin American country.
See more
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
Business
Localities get ready for fourth FDI boom
As the year 2024 is expected to witness the start of the fourth wave of foreign direct investment (FDI) to Vietnam, localities nationwide are getting ready to absorb foreign capital flows.
Business
Vietnam earns 1.43 billion USD from rice exports in Q1
ietnam in the first quarter of 2024 exported 2.18 million tonnes of rice, earning 1.43 billion USD, an increase of 17.6% in volume and 45.5% in value year on year. Meanwhile, the average export rice price also increased by 23.6% to $653.9 per tonne.
Business
HCM City moves towards Net Zero
Ho Chi Minh City is building a project to restructure its industry towards sustainable development in the 2025-2030 period, with a vision to 2050, prioritising the use of high technology and reducing emissions towards net zero emissions by 2050.
Business
Old loans must endure higher interest rates temporarily: central bank
The average lending interest rate for new loans by commercial banks is reported at around 6.4% per year, a decrease of 0.7 percentage point per year compared to the end of last year. However, borrowers with loans issued before the latest rate adjustment still must pay higher rates, according to the State Bank of Vietnam (SBV).
