Hoa Phat’s dizzy growth seems set to continue

By Dat Nguyen March 26, 2021 | 09:30 pm PT

A worker transport steel pipes in a factory of Hoa Phat Group. Photo courtesy of Hoa Phat Group.

Leading steelmaker Hoa Phat Group targets revenue and profit growth of 33 percent this year, and has announced plans to build a new plant.

It eyes revenues of VND120 trillion ($5.2 billion) and post-tax profits of VND18 trillion, the highest ever since it began operation in 1992.

Last year revenues rose by 41 percent to VND91 trillion, and profits were up 78 percent to VND13.5 trillion.

The company plans to pay dividends for 2020 in shares at a ratio of three for every 10 owned and in cash at a rate of VND500 ($0.02) per share.

It plans to build the Hoa Phat Dung Quat 2 plant in the central province of Quang Ngai with a capacity of 5.6 million tons of steel a year.

To cost VND85 trillion, the plant will take three years to build.