Hoa Phat Hung Yen Steel Co Ltd, a subsidiary of leading Vietnamese steel manufacturer Hoa Phat Group JSC, has signed a number contracts to export high-quality rolled steel branded SAE to African markets.

The signing marks the group’s success in opening new export markets.

As scheduled, the first shipments with a total volume of nearly 30,000 tonnes will be transported to Kenya and Ghana in September and October this year.

The steel manufacturer shipped 160,000 tonnes of high-quality rolled steel to foreign markets in the first seven months of this year, up 2.3 times compared to the same period last year, and 35.5 per cent higher than the total output of SAE products exported in the whole last year.

Major export markets of Hoa Phat steel included Cambodia, the US, Japan, Canada, China, Australia, South Korea, Taiwan, Thailand, Malaysia, Indonesia, Brunei, the Philippines and Singapore.

Along with ready-to-use steel, Hoa Phat also sold one million tonnes of steel billets for construction in the seven months.

The completion of Hoa Phat Dung Quat port made great contributions to the transport of Hoa Phat steel, thus promoting its sales. Recently, the port received a 176,000 tonne vessel, the biggest of its kind it had ever served.

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 Stock Exchange, Hoa Phat Group’s (HPG’s) share price surged 150 dong (0.65 US cents) or 1.04 per cent to close at 24,350 dong ($1.05) on Monday for a market capitalisation of 80.68 trillion dong, with 8.97 million shares traded.