Hoa Phat group posts robust growth in steel production
Hoa Phat Group, a leading Vietnamese industrial production firm, manufactured some 209,000 tonnes of steel in July, up 24.7% from last month and nearly 50% from the same period last year, retaining top spot in terms of domestic steel market share.
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The group sold 33,000 tonnes of wire rod in the month, surging 54% from June, while some 21,800 tonnes of steel were shipped abroad, increasing total steel exports to 111,800 tonnes in the first seven months of the year.
From the outset of this year, the group produced more than 1.24 million tonnes, a year-on-year increase of 32.3%. The company attributed the growth to thriving civil construction.
According to the Vietnam Steel Association, domestic steel production plants can meet domestic demand for steel products for construction.Steel production in Vietnam expanded 12.8% year-on-year to nearly 11.3 million tonnes in the seven-month period ending in July, the association said.