Hoa Phat retains top position in construction steel market

Hoa Phat Group remains the biggest supplier of construction steel with a market share of 25 percent in the first half of 2019 (Photo: VNA)

At the same time, its construction steel exports also increased by 35 percent from the same period last year, the multi-sector conglomerate reported.

Hoa Phat also maintained the largest steel pipe market share, nearly 30 percent, in Vietnam as 363,200 tonnes of these products were sold in the reviewed period, up 15.6 percent.

Those achievements contributed to the group’s total profit of 3.86 trillion VND (nearly 166.5 million USD) in the six months, fulfilling 58 percent of the target for this year.

Hoa Phat Chairman Tran Dinh Long said the global and Vietnamese steel industry had never faced so many difficulties like in the past six months, when iron ore prices topped 120 USD per tonnes, almost doubling the figure in the same period last year.

Amidst that situation, such business results were relatively good, he said, adding that difficulties may linger for the rest of 2019 as growth in the property market is slowing down.

However, if there aren’t any big changes, the group believes it will achieve this year’s profit target, Long noted./.

VNA