Illustrative image (Source: VNA)Hanoi (VNA) – Hoa Phat Equipment & Accessories Co., Ltd, a subsidiary of the leading Vietnamese steel maker HoaPhat Group (HPG), sold 3,000 tonnes of wire drawing steel in the domestic andforeign markets, namely the Republic of Korea (RoK) and Laos, in the first quarterof 2018.
The product was certified by the Standard Approval Centre No 1 (Quacert 1) to meetstandards of Vietnam (TCVN), the American Societyfor Testing and Materials (ASTM) of the US, the British Standards Institution of the UK, and the Japanese Industrial Standards.
With nine production lines of wire drawing steel and one galvanizing line forthe first phase, the plant’s capacity is estimated to reach 40,000tonnes each year.
The grouptargets revenue of 55 trillion VND (around 2.42 billion USD) and after-taxprofit of 8.05 trillion VND (354.6 million USD) in 2018.
Itsaccumulated revenue in 2017 reached 46.8 trillion VND (some 2 billion USD),posting an increase of 38 percent year-on-year. After-tax profit also hit arecord high to reach 8 trillion VND (352.4 million USD), surpassing the settarget by 33 percent and increasing 21 percent over the previous year.
Thegroup’s steel business played the key role, contributing some 90 percent of itstotal revenue and after-tax profit.
Lastyear, Hoa Phat exported some 200,000 tonnes of steel products. They included161,000 tonnes of steel bars and rolled steel to the US, Canada, Australia,Malaysia and Cambodia.
Withits positive business results, the group contributed 5 trillion VND (220million USD) to the State budget in 2017, an increase of 40 percent from2016.-VNA
VNA
