Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7 million tonnes of steel products in the first five months of this year, up nearly 70 percent against the same period last year.
The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.
The Hoa Phat Group has announced that it had received approval from Australia’s Foreign Investment Review Board to purchase an iron ore mine in the country.
Vietnamese steel producer Hoa Phat Group will invest around 85 trillion VND (over 3.67 billion USD) in the construction of its Hoa Phat Dung Quat 2 iron and steel factory project, heard at the company’s annual shareholders’ meeting on April 22.
Steel manufacturer Hoa Phat Group sold over 184,000 tonnes of steel pipes in the first three months of this year, a 27 percent increase against the same period last year and giving it the lead in market share, with 30.2 percent.
The Hoa Phat Group has surpassed Hung Nghiep Formosa Ha Tinh to become Vietnam’s largest steel producer after it produced 2 million tonnes of crude steel in the first quarter of this year, a 60 percent increase year-on-year.
Leading steel manufacturer Hoa Phat Group sold more than 2.16 million tonnes of steel in the first quarter of this year, recording strong increases in the sales of all products in the period.
Leading steel maker Hoa Phat Group has won an order to export to the US more than 2,000 tonnes of pre-stressed concrete steel strand (PC Strand), the group has announced.
Steel maker Hoa Phat Group is recruiting experienced personnel for a cargo container manufacturing project expected to start production in the second quarter of next year, according to the company.
Vietnamese steel producer Hoa Phat Group will launch its Hoa Phat Dung Quat 2 iron and steel factory project in early 2022 with a capacity of 5 million tonnes per year, focusing on hot rolled coil (HRC) production using latest technology.
The Hoa Phat Group, Vietnam’s leading steel producer, produced more than 670,000 tonnes of crude steel in January, its highest output to date and representing an annual growth of 67 percent.
The increase in Vietnam's stock market has helped foreign shareholders implement their disinvestment plans in Vietnamese enterprises. However, these activities will not have a significant effect on companies' internal systems.
Despite the impact of COVID-19, the Hoa Phat Group still recorded a surge in both revenue and profit in 2020, the inter-sectoral conglomerate has said.
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