Hoa Phat steel sales up 6% in six months

Hoa Phat Group, Vietnam's largest steelmaker, sold nearly 4 million tonnes of construction steel, billets and hot-rolled coils (HRC) in the first half of the year, up 6% year-on-year.

Construction steel and HRC sales of 2.38 million tons and 1.4 million tons marked increases of 29% and 7%, respectively.

In June alone, the firm recorded a strong surge in construction steel sales at 348,000 tonnes, a 51% increase year-on-year. HRC sales of 202,000 tons in June marked a decrease of 12%.

Rising sales in the southern region and strong export, with respective surges of 200% and 60% over the same period in 2021, made the steelmaker’s H1 performance possible.

Accelerated public investments, especially in major transport infrastructure projects like North-South Expressway, pushed up demand for construction materials compared to last year, Hoa Phat said in a release.

The group also reported it has maintained its high growth in export thanks to new markets like Singapore and Hong Kong. "Orders from traditional markets like Canada, Japan, Cambodia, and Thailand remain stable."

Hoa Phat, listed on the Ho Chi Minh Stock Exchange as HPG, has created jobs for nearly 30,000 labourers in Vietnam, Australia and Singapore.

The group's major business lines include steel, real estate (residential property and industrial parks) and agriculture.