Vietnam-based Hoa Phat’s domestic market share increases to 32 percent

Thursday, 17 September 2020 15:42:43 (GMT+3)   |   Istanbul

Vietnam-based steelmaker Hoa Phat Group has announced that, with the increasingly stable product volume of Hoa Phat Dung Quat Iron and Steel Complex since 2018, it has raised its domestic market share to 32 percent by the end of August, compared to 26.2 percent recorded at the end of 2019.

In the January-August period, the company produced 3.2 million mt of steel, including over 2.1 million mt of finished products, while the rest was steel billet. Finished steel output increased by 20 percent in the same period.

In 2017, a year after the completion of Phase 3 of the Hoa Phat Hai Duong Iron and Steel Production Complex, the company’s market share increased to 22.2 percent and the company became the largest supplier to the domestic market for the first time.

In the past five years, the company has adopted the strategy of expanding to dominate the Southeast Asian market. Within the framework of this strategy, an investment worth VND 60 trillion ($2.8 billion) has been implemented since 2017 in the Dung Quat Complex project which has an annual capacity of 5 million mt. After one year of implementation, the complex produced its first products for supply to the market and is playing a key role in promoting the growth of Hoa Phat’s steel market share.

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