Vietnam’s largest steelmaker Hoa Phat Group has said its steel exports in September doubled compared to the previous month, hitting a record high of nearly 50,000 tonnes.

Steel prices have hit a new high after a series of rapid increases from May through June 2021 when they increased by more than 50% compared to the beginning of the year.

Vinhomes JSC, Hoa Phat Group JSC, Mobile World Investment Corporation and Vietcombank are among the top 50 public companies in 2021 announced by Vietnam Report.

Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7 million tonnes of steel products in the first five months of this year, up nearly 70% against the same period last year.

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.

The Hoa Phat Group has announced that it had received approval from Australia’s Foreign Investment Review Board to purchase an iron ore mine in the country.

Vietnam’s steel sector has witnessed strong development in terms of capacity, output, and products in the recent past.

Last year was a stormy one for Vietnam’s businesses, but billionaires still were able to pocket billions of dollars.

VOV.VN - During the opening two months of the year, iron and steel exports have enjoyed a stellar growth rate of 71.9% compared to the same period from last year, with major domestic firms such as Hoa Phat and Hoa Sen exporting large shipments.

VOV.VN - As Vietnam’s leading industrial manufacturing group, Hoa Phat Group imported approximately US$2 billion worth of machinery, equipment, and production materials last year, of which one third came from Australia alone.