VnSteel aims to increase revenue by 800 billion VND

Hanoi (VNA) – The Vietnam Steel Corporation (VnSteel) aims to earn consolidated revenue of 18.8 trillion VND (835.5 million USD) in 2017, an increase of 800 billion VND from 2016.

It will produce around 2.4 million tonnes of steel billets this year, up 17 percent from 2016, VnSteel said.

To accomplish these goals, VnSteel will work on improving its business efficiency through better market forecast analysis, better corporate governance and supervision and close monitoring of activities, senior company leaders said.

The corporation will also focus on enhancing the quality of its human resources, it will practise thrift and strive to prevent corruption, under the direction the Ministry of Industry and Trade and the prime minister.

VnSteel has suggested that the Government put in place policies and measures to control the import of steel products that the domestic steel industry is able to produce, particularly the massive import of cheap Chinese steel; and fight anti-commercial fraud that is damaging to domestic producers.

In 2016, VnSteel produced around two million tonnes of steel billets and met its target, which was also a year-on-year increase of 24 percent.

The production and utilisation of construction steel crossed three million tonnes, approximately 105 percent of the estimate. It accounts for 39 percent of the domestic market share.-VNA