Hoa Sen builds $94 million steel sheet plant in Binh Dinh
Hoa Sen builds $94 million steel sheet plant in Binh Dinh
Vietnamese steel producer Hoa Sen Group (HSG) on December 7 received the investment certificate to build a VND2 trillion ($94 million) steel sheet plant in the central province of Binh Dinh, according to the provincial Economic Zones Management Authority’s website.
The 12.4 hectare plant, to be built in the Nhon Hoi Economic Zone, has the capacity of 200,000 tonnes of stainless steel sheet, colour-coated steel sheet, and cold rolled steel. Construction is going to begin this month and operation is going to start in June 2017.
HSG made VND651 billion ($30.5 million) in net profit in the fiscal year 2015, which lasted from October 1, 2014 to September 30, 2015, up 58.7 per cent on year on revenue of VND17.45 trillion ($819 million), up 16.4 per cent on year. The company now accounts for 40 per cent of the Vietnamese market for steel sheets and 20 per cent that for steel pipes.
According to the Vietnam Steel Association, in October sales of stainless steel and colour coated steel rose 22.4 per cent on month and 34.6 per cent on year to 212,000 tonnes. The optimistic sales figure is attributed to the rising number of real estate projects starting construction at the year end.
