In 2017, Hoa Phat Group earned VND46.8 trillion ($2.05 billion), up 38 per cent from 2016, and hit a record post-tax profit of VND8 trillion. — Photo giasatthep.net

Hoa Phat Group (HPG) said it expected to earn more than VND100 trillion (US$4.4 billion) in revenue by 2020, the year Hoa Phat Dung Quat iron and steel production complex would become fully operational.

Earning this amount of revenue will mean HPG contributes some VND10 trillion ($440 million ) to the State budget.

The Hoa Phat Dung Quat iron and steel production complex, based in the central province of Quang Ngai, is expected to cost VND52 trillion ($2.2 billion) and have an annual capacity of 4.5 million tonnes.

The project will use state-of-the-art technologies provided by the Netherlands, Italy and Germany.

HPG plans to allocate 30 per cent of the project’s investment capital to environmental components. Once completed, the project is expected to lift the group to among the world’s top 50 steel producers.

In 2017, the group earned VND46.8 trillion ($2.05 billion), up 38 per cent from 2016, and hit a record post-tax profit of VND8 trillion ($351 million), surpassing its target by 33 per cent, up 21 per cent year on year.

Over the past 10 years, subsidiaries of HPG have contributed more than VND20 trillion ($878 million) to the State budget, equivalent to the amount generated by the central province of Quang Nam, one of the nation’s top 10 contributing provinces. — VNS