Hoa Sen, the top steel sheet enterprise in Vietnam
Hoa Sen, the top steel sheet enterprise in Vietnam
Hoa Sen Group is the leading steel sheet enterprise in Vietnam with a market share of almost 40 per cent in steel sheet, and 20 per cent in steel pipe.
Listed in 2008, Hoa Sen Group (HSG) has quickly become one of the hottest tickers on the southern bourse with its market capitalisation now touching VND5.2 trillion ($238.5 million).
In addition to dominating the domestic market, HSG products have made forays into more than 60 countries and territories around the globe.
The company saw a spectacular 10 per cent onyear jump in exports over the fiscal year 2014-2015.
In this period, HSG shipped 407,000 tonnes of products, generating $314 million in export value.
Hoa Sen Steel products made inroads into the US market from 2014 onward, and its exports have risen significantly since September 2015. The US market continues to be one of HSG’s key export markets this year.
On February 29, 2016, HSG exported 20,000 tonnes of rolled steel sheets to the US out of the SPSSA International Terminal (SSIT) in the southern Ba Ria-Vung Tau province. The batch, valued at $10 million, is the largest batch ever exported from Vietnam to the US market.
The event marked a breakthrough in steel exports for Hoa Sen Group and the Vietnamese steel sector in general, affirming HSG’s product quality and elevating the Vietnamese brand name in the US market and indeed all over the world.
Keenly aware that quality is the first and foremost factor to boost product competitiveness, Hoa Sen Group has spent a princely sum on cutting-edge technologies to be able to turn out international-standard steel products.
Accordingly, the company’s products now strictly adhere to the quality criteria set out by the following bodies: the American Society for Testing and Materials (ASTM), British Standard European Norm (BS EN), Japan Industrial Standards (JIS), Indonesian National Standards (SNI), and Malaysia Standards (MS).
The US is a demanding market with strict requirements in terms of quality, services, and delivery time. However, by satisfying the four fundamentals of product competitiveness – international standard quality, reasonable pricing, fast delivery time, and good after-sales services – Hoa Sen Group has become the first choice for both domestic and foreign customers.
Over the past few years, HSG has consistently held the number-one position in the domestic steel market, and is renowned as a leading steel maker throughout Southeast Asia. In 2015, the World Economic Forum listed HSG as one of the Global Growth Companies.
The founder and chairman of Hoa Sen Group, Le Phuoc Vu, shared with VIR that the company foresees certain opportunities and has made careful preparations.
Key among the company’s future goals is striving to propel exports to the US market.
“We are about to sign further export orders to the US this year, and this market will continue to occupy a significant share in the company’s export achievements over the years ahead,” Vu said.
The landmark Trans-Pacific Partnership Agreement (TPP) signed on February 4, 2016 by the trade ministers of 12 TPP member countries is expected to usher in many benefits for the promotion of exports by its member countries, including Vietnam. As such, by virtue of its flexible and creative business approach, Hoa Sen Group hopes to captalise on the TPP and deepen its global footprint, thus expanding its renown as company synonymous with quality steel products.
