HA NOI (Biz Hub) — Hoa Phat Group has decided to develop a plated steel sheet plant, worth about VND4 trillion (US$180 million) in the northern Hung Yen Province's Pho Noi A Industrial Zone, vietnamplus.vn reports.

The project aims to diversify the products of the firm and meet increasing demand for plated steel sheets in the market, as well as provide materials for its steel pipe factories in the locality. Work on the plant is expected to kick off next month. The plant will provide 400,000 tonnes of product annually once operational in early 2018.

Last year, the group earned VND27.86 trillion (US$1.24 billion) in revenue and VND3.5 trillion in after-tax profit, 24 per cent and 8 per cent higher, respectively, than their target. It strives to earn VND28 trillion in revenue and VND3.2 trillion in after-tax profit in 2016. — VNS