Vietnams steel major Hoa Phat 'confident' about China competition
Senior officials of major Vietnamese steel maker Hoa Phat are confident that the company can deal with Chinese competition, given the attention they’ve paid to their costing.
The officials expressed their confidence while answering questions from more than 200 investors at the Hoa Phat Dung Quat complex in Quang Ngai province on Tuesday.
“How will the firm deal with cheap steel prices from China" was the most prominent and concerning question at the meet.
Nguyen Viet Thang, general director of Hoa Phat, which is listed on the HCMC Stock Exchange (HoSE) as HPG, answered that competing with Chinese steel has been a top priority for the firm since early days.
China was the world's largest steel producer, producing over 1 billion tons per year; and it was also the world's largest consumer of steel, he noted.

Senior officials of major Vietnamese steelmaker Hoa Phat answer questions from investors at the Hoa Phat Dung Quat complex, Quang Ngai province, central Vietnam, March 26, 2024. Photo courtesy of Hoa Phat.
Thang said that when China was growing at 7-8% per year in the past, it was consuming large amounts of steel and only exported a small amount. But the situation has changed since the Covid-19 pandemic broke out.
Over the past three years, China's economy has slowed significantly, especially amidst a real estate crisis. The situation has created a big surplus of steel, requiring Chinese enterprises to export more. As a result, competition has heated up.
Thang acknowledged that the competitive pressure from Chinese steel has become more apparent of late. Vietnam imported almost 1.8 million tons of iron and steel from China in the first two months of 2024, a threefold increase year-on-year, accounting for 70% of overall imports.
However, Thang said he was certain that Hoa Phat can compete with Chinese steel since “we have always kept an eye on production costs.
“With the global raw material structure, Hoa Phat steel can completely compete with Chinese steel."
Anti-dumping tax
While Hoa Phat’s executives showed confidence in their ability to compete with products from China, they expressed worries about unfair competition.
After suffering losses the previous year, many Chinese steel companies were ready to sell their products for very low prices in order to make ends meet.
Reiterating Hoa Phat’s confidence, Thang said: “We only object when there is unfair competition."
Hoa Phat and Formosa, another steel major, have submitted a proposal on March 19 to impose an anti-dumping tax on HRC steel from China, Thang stated.
"As far as Hoa Phat is concerned, our position is straightforward: we will urge agencies to assist the homegrown manufacturing sector if we see indications of dumping. We think the government will support, as steel is the industry's backbone.”
The petition for anti-dumping duties on HRC steel is being reviewed by the Ministry of Industry and Trade for authenticity and comprehensiveness.
- Read More
Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense
Viettel High Tech, the core military and civilian R&D arm of Vietnam’s military-run telecom giant Viettel, has signed a cooperation agreement with John Cockerill Defense, a leading weapon designer and manufacturer in France.
Companies - Thu, May 29, 2025 | 9:14 pm GMT+7
MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event
Vietnam's leading bank MB on Thursday introduced its latest digital technology solutions, notably the Biz MBBank digital financial platform, at the "Smart Digital Ecosystem in the New Era" event organized by the central bank.
Companies - Thu, May 29, 2025 | 8:02 pm GMT+7
Vietnam's auto distributor TMT to launch $3.8 mln charging station firm
Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).
Companies - Thu, May 29, 2025 | 4:45 pm GMT+7
US's Excelerate Energy affirms intention to turn Vietnam into LNG hub for ASEAN
Excelerate Energy wants to make Vietnam a center for LNG distribution to the ASEAN region, president and CEO Steven Kobos told Prime Minister Pham Minh Chinh at a meeting in Hanoi on Thursday.
Energy - Thu, May 29, 2025 | 4:33 pm GMT+7
Bourse shifts to heat up Vietnam's banking stocks
Several Vietnamese banks are planning to move their shares from the Unlisted Public Companies Market (UPCoM) to the Ho Chi Minh Stock Exchange (HoSE) this year, creating new momentum for banking stocks, long dubbed the “king” group.
Finance - Thu, May 29, 2025 | 2:48 pm GMT+7
Dairy giant TH Group proposes 5 projects in southern Vietnam
TH Group, one of Vietnam’s leading dairy producers, has proposed five major projects in the southern province of Binh Phuoc, in the fields of industrial production and urban area, golf course and high-tech agricultural production zone developments.
Industries - Thu, May 29, 2025 | 12:02 pm GMT+7
2024 cyberattack 'a blessing in disguise' for Vietnam's leading broker VNDirect: chairwoman
The cybersecurity breach that major Vietnamese brokerage VNDirect Securities encountered in 2024 was "an unfortunate incident, but also a lucky chance", chairwoman Pham Minh Huong said on Wednesday.
Finance - Thu, May 29, 2025 | 9:48 am GMT+7
Vietnam prioritizes smart, green seaport projects: Deputy PM
Vietnam encourages smart and green seaport investments, as technical barriers related to CO2 emissions and CO2 taxes begin to be tightened up globally.
Infrastructure - Wed, May 28, 2025 | 10:07 pm GMT+7
New Zealand, Vietnam expand timber trade partnership
New Zealand Forestry and Trade Minister Todd McClay on Tuesday unveiled a new bilateral agreement with Vietnam designed to boost timber exports and remove potential trade barriers in the two countries' forestry sectors.
Companies - Wed, May 28, 2025 | 8:53 pm GMT+7
Norway vows to support Vietnam's energy transition
Norway is committed to supporting Vietnam’s energy transition, Norwegian Ambassador to Vietnam Hilde Solbakken said at a technical seminar held in Hanoi on Wednesday.
Companies - Wed, May 28, 2025 | 8:49 pm GMT+7
Thailand expected to become regional luxury retail hub
Thailand's luxury retail market is valued at $4.4 billion and projected to grow by approximately 5% annually through 2028, placing the country at the forefront of luxury retail in Southeast Asia and seventh in Asia-Pacific, according to property consultant CBRE Thailand.
Southeast Asia - Wed, May 28, 2025 | 8:44 pm GMT+7
Indonesia affirms role as leading global maritime hub
The Indonesia Maritime Expo, held as part of Indonesia Maritime Week 2025 on May 26-28, is the first large-scale maritime event in the country, aiming to affirm its role as a global maritime hub and promote the sustainable development of the region’s maritime industry.
Southeast Asia - Wed, May 28, 2025 | 8:41 pm GMT+7
Vietnam benchmark VN-Index hits 3-year high
The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), recorded a four-day gaining streak on Wednesday, rising 2.06 points, or 0.15%, to 1,341.87 points - the highest since May 2022.
Finance - Wed, May 28, 2025 | 6:37 pm GMT+7
HSBC launches sustainability improvement loan in Vietnam
HSBC has introduced its Sustainability Improvement Loan, a new financing solution tailored for businesses with annual turnover less than $550 million, in Vietnam, after launching it in 12 markets including the UK, Middle East, Hong Kong and Singapore last year.
Banking - Wed, May 28, 2025 | 6:15 pm GMT+7
CMA CGM, Saigon Newport to jointly develop deep-sea terminal in northern Vietnam
France's CMA CGM Group, a global player in sea, land, air, and logistics solutions, has signed a partnership agreement with Vietnam's Saigon Newport Corporation (SNP) to develop a deep-water terminal in Hai Phong city, northern Vietnam.
Infrastructure - Wed, May 28, 2025 | 5:01 pm GMT+7
Japan’s chipmaker Rapidus pledges semiconductor workforce training for Vietnam
Rapidus Corporation, a semiconductor manufacturer of Japan, has affirmed its readiness to train semiconductor workforce for Vietnam.
Economy - Wed, May 28, 2025 | 3:21 pm GMT+7