Steel producer Hoa Phat to build 2 wharves in central Vietnam port

Hoa Phat General Port JSC, a subsidiary of steel giant Hoa Phat, has been given the green light to research, survey, and propose projects to build wharves No. 4 and No. 5 at Dung Quat I Terminal in line with planning, said Quang Ngai province's People’s Committee.

According to the management board of Dung Quat Economic Zone and Industrial Parks in Quang Ngai, the wharves would cover 18.4 hectares in Binh Thuan commune, Binh Son district.

The chairman of the provincial People's Committee has assigned the board to proactively coordinate with authorities in Binh Son district and relevant communes to propose resettlement locations to conduct site clearance for the projects.

He asked Hoa Phat General Port JSC to send project documents to the board for feedback from relevant departments, agencies and localities before submitting investment proposals to competent authorities for approval .The task must be completed in the second quarter of 2024 at the latest.

In late August 2023, Hoa Phat General Port JSC put wharf No.6 of the Hoa Phat Dung Quat general container port in the Dung Quat Economic Zone into operation. Right after its inauguration, the berth received the first commercial ship, the 8,300-DWT MV SCSC LUCK from Hong Kong.

The port project was initiated in 2022 with an investment of VND3.7 trillion ($155.3 million), featuring wharves No. 6, 7, and 8. The facility is capable of handling six million tons of goods annually and can accommodate ships of up to 50,000 deadweigh tonnage (DWT). Wharf No. 6, part of the project’s first phase, can handle two million tons of goods annually.

The Hoa Phat Dung Quat container port will serve logistics activities for Dung Quat Economic Zone and nearby areas, while Hoa Phat Dung Quat specialized port will serve the Hoa Phat Dung Quat steel complex.

In the first six months of 2023, Hoa Phat reported net revenue of VND56.67 trillion ($2.39 billion) and after-tax profit of VND1.83 trillion ($77.3 million), down 30% and 85% year-on-year, respectively. The giant sold 2.9 million tons of construction steel, billets and hot-rolled coils (HRC) in the first half of the year, down 27% year-on-year.

Hoa Phat Group is listed on the Ho Chi Minh Stock Exchange (HoSE) as HPG. It closed the Friday session at VND24,350 ($0.99).