The product was certified by the Standard Approval Centre No 1 (Quacert 1) to meet standards of Vietnam (TCVN), the American Society for Testing and Materials (ASTM) of the US, the British Standards Institution of the UK, and the Japanese Industrial Standards.
With nine production lines of wire drawing steel and one galvanizing line for the first phase, the plant’s capacity is estimated to reach 40,000 tonnes each year.
The group targets revenue of VND55 trillion (around US$2.42 billion) and after-tax profit of VND8.05 trillion (US$354.6 million) in 2018.
Its accumulated revenue in 2017 reached VND46.8 trillion (some US$2 billion), posting an increase of 38% year-on-year. After-tax profit also hit a record high to reach VND8 trillion (US$352.4 million), surpassing the set target by 33% and increasing 21% over the previous year.
The group’s steel business played the key role, contributing some 90% of its total revenue and after-tax profit.
Last year, Hoa Phat exported some 200,000 tonnes of steel products. They included 161,000 tonnes of steel bars and rolled steel to the US, Canada, Australia, Malaysia and Cambodia.
With its positive business results, the group contributed VND5 trillion (US$220 million) to the State budget in 2017, an increase of 40% from 2016.