Hoa Phat Equipment and Accessories Co Ltd sold 3,000 tonnes of wire-drawing steel in the domestic and foreign markets – South Korea and Laos – in the first quarter of 2018.

Hoa Phat Equipment and Accessories Co Ltd is a subsidiary of Viet Nam’s leading steel maker, the Hoa Phat Group.

The product was certified by Standard Approval Centre No 1 to meet standards of Viet Nam, American Society for Testing and Materials, British Standards Institution of the United Kingdom and Japanese Industrial Standards.

With nine production lines of wire-drawing steel and one galvanising line for the first phase, the plant’s capacity is estimated to reach 40,000 tonnes annually.

The group targets a revenue of VND55 trillion (some US$2.42 billion) and an after-tax profit of VND8.05 trillion ($354.6 million) in 2018.

Its accumulated revenue in 2017 reached VND46.8 trillion, posting an increase of 38 per cent year-on-year. After-tax profit also hit a record high of VND8 trillion, surpassing the target by 33 per cent and increasing 21 per cent over the previous year.

The group’s steel business played the key role, contributing to some 90 per cent 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 United States, Canada, Australia, Malaysia and Cambodia.

With its positive business results, the group contributed VND5 trillion ($220 million) to the State budget in 2017, an increase of 40 per cent from 2016. — VNS