Steel sheet is produced at Hoa Sen Group. The company is building a $109.52 million factory in central Nghe An Province. — Photo hoasengroup.vn

NGHE AN (Biz Hub) ─ The Hoa Sen Group began the construction of a steel sheet factory worth more than VND2.3 trillion, or US$109.52 million, in this central province last Saturday.

The facility, spread over an area of 12 hectares in the Nam Cam Industrial Zone in Nghi Loc District, is expected to be completed in August 2018, and will create jobs for about 500 workers when it becomes operational.

The company said that the factory will help increase its production capacity to meet the demand for steel products in the northern and central provinces, and increase its exports to Laos, Thailand and Myanmar.

The Hoa Sen Group is based in the southern province of Binh Duong. Last year, the company maintained its number one position in manufacturing and trading in steel sheets in Viet Nam, commanding 40 per cent of the domestic market, according to the Viet Nam Steel Association.

It was also among the leading steel sheet exporters in Southeast Asia, recording an average revenue growth of more than 47 per cent over the last five years.

The company's shares ended up 0.8 point on Monday morning, closing at VND45,800, or $2.18, per share on the HCM City Stock Exchange. ─ VNS