Steel maker Hoa Phat has signed a contract to sell 120,000 tonnes of steel billets, worth over 1 trillion VND (nearly 43 million USD), to China’s firm Hangzhou CIEC Group Co., Ltd.
Hoa Phat Group, the largest steel maker in the country, exported over 40,000 tonnes of construction steel in February, almost tripling that of the same period last year.
Foreign investors bought more Vietnamese stocks than they sold in January, snapping a month-long streak as net buyers after offloading shares in the last five months of 2019.
Hoa Phat Group exported more than 265,000 tonnes of construction steel in 2019, up 11.3 percent year on year, the multi-sectoral conglomerate reported.
Hoa Phat Group, the largest steel maker in the country, said it provided more than 2.77 million tonnes of high-quality construction steel to the market in 2019, a year-on-year surge of 16.8 percent.
International free trade agreements such as the CPTPP and the EU-Vietnam Free Trade Agreement have opened up unprecedented opportunities for Vietnamese steelmakers with the industry forecast to see robust growth.
The US’ imposition of duties of up to 456 percent on certain steel products shipped from Vietnam would not significantly harm the country’s steel industry, according to industry insiders.
The Hoa Phat Group said its subsidiary - Hoa Phat Steel Pipe Co., Ltd - exported 17,000 tonnes of steel pipe in the first 11 months of 2019, a year-on-year increase of 22.3 percent.
Digitisation of farming is inevitable and Vietnam should embrace it to resolve the agricultural paradox of producing more while preserving natural resources and to grab the opportunities brought by free trade agreements, experts have said.
Among the 10 most profitable firms in the banking – financial – securities sector in 2019, banks continue to be the focus of attention while the “trillions-of-VND” club has seen changes.
Vietnam’s leading steel maker – Hoa Phat Group – and Kyoei Steel Group of Japan shared the wish for long-term cooperation in steel billet and scrap steel supply.
Hoa Phat Group, a leading steel maker in Vietnam, shipped 191,600 tonnes of steel products aboard in the first nine months of 2019, rising 32 percent year on year and accounting for nearly 10 percent of its total sales.
In the first half of 2019, Hoa Phat Group poured nearly 9.17 trillion VND (393.35 million USD) into Dung Quat iron and steel production complex, raising total investment in the project to approximately 42.92 trillion VND.
Hoa Phat Group sold more than 1.34 million tonnes of construction steel to the Vietnamese market in the first half of 2019, up 22.9 percent year on year, retaining its position as the biggest supplier with a market share of 25 percent.
The list of Vietnam’s 50 best-performing companies (Top 50) was announced by the Nhip Cau Dau Tu (Investment Bridge) magazine and Thien Viet Joint Stock Company in Ho Chi Minh City on June 27.
Covered warrants, which will be traded on the Ho Chi Minh Stock Exchange (HOSE) from this month, are expected to attract a large number of investors since they have lower investment costs and can be leveraged more than conventional financial products, heard a recent seminar in HCM City.
Hoa Phat Group has said it sold 226,000 tonnes of construction steel in May with a 3.5-fold increase in southern market, raising the five-month figure to 1.16 million tonnes, up 22.4 percent year-on-year.
The Hoa Phat Group has exported two containers of steel cords to Malaysia for the first time after winning markets in the US, Canada, the Republic of Korea, and Laos.
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