Logo of Phnom Penh Post newspaper Phnom Penh Post - VN steel firm Hoa Phat sees 65% rise in sales

VN steel firm Hoa Phat sees 65% rise in sales

Content image - Phnom Penh Post
Hoa Phat will also begin supplying hot-rolled coil steel to the market this month. VNA/VIET NAM NEWS

VN steel firm Hoa Phat sees 65% rise in sales

Vietnamese steelmaker Hoa Phat Group JSC sold nearly 500,000 tonnes of products last month, including more than 320,000 tonnes of steel and 170,000 tonnes of billets despite the Covid-19 pandemic.

The volume of steel soared by 65 per cent month-on-month, including 54,000 tonnes for export, triple that of the same period last year.

Despite poor weather conditions and social distancing orders necessitated by the pandemic, consumption of Hoa Phat steel in civil construction remains high.

In the first eight months of this year, Hoa Phat produced 3.2 million tonnes of steel products, including 2.1 million tonnes of construction steel, with the remainder billets.

Steel for export surpassed 17 per cent annually to more than 310,000 tonnes, nearly doubling year-on-year. Its major markets include Cambodia, Japan, South Korea, Malaysia, Australia, Canada, Thailand and Laos.

The group also sold 1.5 million tonnes of billets to domestic and foreign markets.

This month, it will also begin supplying hot-rolled coil steel to the market.

Cambodia was the largest market last year, to which Hoa Phat shipped 151,000 tonnes of steel, accounting for more than 50 per cent of its total export volume. The Kingdom ordered 70,000 tonnes of steel from the company in 2018.

The company has highlighted the importance of the Cambodian market. Its proximity to Vietnam helps reduce transportation costs, while the Kingdom’s steel industry’s current inability to keep up with demand presents a fruitful opportunity for the firm.

On the Ho Chi Minh City Stock Exchange, Hoa Phat’s share price rose 150 dong (0.65 US cents) or 0.61 per cent to close at 24,650 dong ($1.07) on Wednesday for a market capitalisation of 81.18 trillion dong, with 12.58 million shares traded.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • Quarantine site in north Phnom Penh inaugurated

    A four-building quarantine centre in Phnom Penh’s Prek Pnov district was formally inaugurated on January 6. The centre can house up to 500 people, according to Phnom Penh municipal governor Khuong Sreng. At the inauguration ceremony, Sreng said the municipal hall had cooperated with the Ministry

  • ‘Beware of WhatsApp fraudsters’

    The Ministry of Posts and Telecommunications warned members of the public who use WhatsApp to vigilantly guard against a new trick employed by hackers that involves the use of six-digit codes sent to potential victims via the popular messaging app. The ministry said hackers could