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| A workers helps move steel products at Hoa Phat Steel Pipe company in Da Nang. The company has opened its second steel plant in Da Nang City. — Photo Hoa Phat Group |
Da Nang (Biz Hub) — The Hoa Phat Group has opened its second steel pipe plant in the Da Nang's Hoa Khanh Industrial Zone.
The new plant has capacity of 120,000 tonnes per year, fulfilling demand for the central and central highlands market and exports to Laos and Cambodia.
The group said the two plants, built on 9.3ha with total investment of VND260 billion (US$11.6 million), and three other plants would help the group increase its total capacity to 1 million tonnes per year and 30 per cent of Viet Nam market share in 2020.
Last year, the group earned revenue of VND7 trillion ($311 million) to contribute VND650 billion ($29 million) to the State budget, holding a 25 per cent share of Viet Nam's steel market.
The local steel producer has built six plants in Hung Yen, Binh Duong, Long An and Da Nang with total capacity of 500,000 tonnes. — VNS