Steelmaker Hoa Phat reports 2.5-fold jump in profits

Vietnam’s biggest steelmaker Hoa Phat Group said post-tax profits were up 2.5 times last year to VND34.52 trillion ($1.52 billion).
The company sold 8.8 million tons of steel during the year, a 35 percent increase.

It accounted for nearly a third (32.6 percent) of the construction steel market.

Exports doubled to 2.6 million tons even as the domestic market was hurt by the Covid-19 pandemic.

The company’s other businesses maintained their leading positions in the market. It topped in terms of Australian beef production and was the leader in the northern chicken egg market.

The company is working on some major projects this year such as its second steel manufacturing plant and a new port in the central province of Quang Ngai.

It is also building a container manufacturing plant in the southern province of Ba Ria