Hoa Phat steel pipe’s sale rise 14.8% in H1

Thursday, Jul 19, 2018 13:26

Hoa Phat steel pipe’s steel export revenue in the January-June period reached US$8.5 million, increasing by 60 per cent from the same period last year. — VNS Photo

Hoa Phat Steel Pipe Company Limited, a subsidiary of Hoa Phat Group, posted 14.8 per cent on-year sales growth to reach 314,000 tonnes in the first half of the year.

Steel export revenue from January-June recorded US$8.5 million, an increase of 60 per cent from the same period last year.

The company sold around 60,000 tonnes of steel pipe in the central region in the first six months, making it the leading source of income in the country.

Do Hoang, head of Hoa Phat Group’s representative office in the central city of Da Nang, said its key products included construction steel and steel pipe used on big constructions in the region, creating an impetus for the group’s growth in a competitive market.

Exports to Laos were also positive, he said.

The company has been working on improving quality and expanding current markets while seeking new export markets. Hoa Phat Steel Pipe achieved high growth despite import taxes in the US. Its main export markets include the US, Canada, South Korea, Malaysia, Laos and Cambodia.

The Viet Nam Steel Association (VSA) said in the first half of the year, steel output and sales had seen high growth from the corresponding period last year.

Steel pipe sales of VSA companies reached nearly 1.2 million tonnes, representing a 14.1 per cent on-year rise. Export volume rose by 40.3 per cent to 167,000 tonnes.

This proved that US taxes had not had a big impact on the steel sector because it had been able to find new export markets, the VSA said.

Hoa Phat Steel Pipe plans to invest in a new production line in the northern province of Hung Yen to offer new products to the market by the beginning of 2019. — VNS

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