Hoa Phat Dung Quat Steel Joint Stock Company (Vietnam)

HOA PHAT DUNG QUAT STEEL., JSC is considered the largest steel manufacturer, belonging to Hoa Phat Group. It gets involved in manufacturing hot rolled coil (HRC) - main products, construction steel, high-quality coil, etc. Besides serving the domestic market demand, it is exporting products to many countries such as China, Hong Kong, Japan, India, Cambodia, Germany, Italy, etc.In terms of investment activity, the Hoa Phat Dung Quat 2 iron & steel complex project is still under construction and investment. Updated to Dec 2023, the project has completed about 40% of the progress, which still meets the schedule. It is expected to be finished in the 1st quarter of 2025 with a capacity of 1.5 million tons per year for phase 1. In a report of VNDirect - a finance & securities company in Vietnam, in the first 09 months of 2023, it is estimated that Hoa Phat has disbursed about VND 3,300 billion to invest in fixed assets for Hoa Phat Dung Quat 2 project. Total accumulative fixed assets disbursed were up to VND 12.7 trillion at the end of 3rd quarter of last year.Referring to Hoa Phat Group, a mass media source revealed it manufactured over 6 million tons of raw steel in the first 11 months of 2023, decreasing by 14% over the same period of 2022. Sales volume of steel products reached 5.96 million tons, going down 10% in the same period. It is known that steel production is still the core activity, accounting for 90% of the group's revenue and profit. The operation might be significantly affected by the economic recession.