Vietnam-based steelmaker Hoa Phat Group has announced that it has become the largest partner in Australian exports to Vietnam. According to the Vietnamese Embassy to Australia, Australia’s exports to Vietnam reached US$4.4 billion in 2020, 16 percent of which was imported by Hoa Phat, reaching US$705 million in value. In 2020, the company’s imports of machines, equipment and materials for production hit nearly US$2 billion, of which 35 percent came from Australia.
Hoa Phat Group plans to import US$1.44 billion worth of commodities from Australia in 2021, more than doubling last year’s figure. The imports will include around 4 million mt of iron ore and 3.5 million mt of coal.
In 2020, the company achieved a turnover of more than US$1 billion, including US$966 million worth of high-quality steel and construction steel. The rest is steel pipes and colored galvanized steel sheet. The proportion of exports in the revenue was 26 percent.