Steel maker Hoa Sen Group on Monday announced that it has signed a VND200 billion (US$8.7 million) credit contract with HDBank to expand production at its .

The money will be used to import raw materials.

The credit limit might be increased in future, HSG said.

On the same day, the company also said it has exported 15,000 tonnes of steel sheets produced in the Nghe An plant to Mexico for $12 million.

This is its first consignment to Mexico since the CPTPP came into effect, adding that this year it has shipped many consignments of steel sheets to the US, EU and Southeast Asia, the company said.

Hoa Sen said that along with developing the domestic market, expanding exports remains one of the company’s strategies to cope with difficulties the Vietnamese steel industry is facing.

It has so far exported steel sheets to 75 nations and territories including Australia, Canada, Mexico, Canada and Malaysia, and ships an average of 60,000 tonnes a month.

In 2017-18, its exports were worth $538 million, a 27 per cent jump from the previous year.

It is eyeing more markets in America, the EU and Africa. — VNS