Illustrative image (Photo: VNA)Hanoi (VNA) - The Hoa Phat Group has reported some 700 million USD worthof imports from Australia this year, more than double the figure from last yearand making the industrial manufacturer the largest Vietnamese client of thecountry.
More thanhalf of the total import value, or 364 million USD, came from coal, compared tojust 115 million USD in 2019.
Thegroup’s purchases of iron ore leapt a whopping 19-times to 123 million USD inthe first eleven months of the year.
Hoa Phatbought more coal and iron ore this year to serve production at its iron andsteel integrated complexes in the northern province of Hai Duong and thecentral province of Quang Ngai’s Dung Quat Economic Zone.
Meanwhile,it annually purchases hundreds of thousands of cows from Australia, with itsherd now accounting for 50 percent of all Australian-imported cows in Vietnam.
With suchsoaring import numbers, Hoa Phat is estimated to account for 17 percent of Australia’stotal export value to Vietnam, compared to 7.4 percent in 2018 and 7.6 percentin 2019.
It isexpected to outlay over 1 billion USD on goods from Australia next year, anannual increase of 40 percent./.
VNA
