Hoa Sen Group started construction of a steel plant in the Kien Khe 1 Industrial Complex in the northern province of Ha Nam on Thursday. — Photo vov

HA NAM (Biz Hub) — Domestic steelmaker Hoa Sen Group on Thursday started construction of a steel plant in the Kien Khe 1 Industrial Complex in the northern province of Ha Nam.

Covering an area of 20.4ha, the new plant, to cost VND3 trillion (US$138 million), will make steel pipes and plastic pipes, among other products.

Construction will be divided into two phases. The first phase will be marketed in 2017.

The entire construction project will be completed in 2018, offering 1,000 new jobs.

The plant is part of Hoa Sen's goal of expanding its business to the North, the company said.

Hoa Sen is one of the biggest steelmakers in the country, holding 40 per cent of the steel market and 20 per cent of the steel pipe market.

The group's products are exported to 60 countries and territories.

In the first quarter of the year, more than 271,000 tonnes of steel were sold, and nearly 108,000 tonnes exported.

After-tax profits earned during this period totalled VNÐ187 billion ($8.6 billion), representing more than 28 per cent of the company's annual target. — VNS