Vietnam’s Hoa Phat invests in home appliance sector, sets up subsidiary

Tuesday, 26 October 2021 12:29:13 (GMT+3)   |   Istanbul

Vietnam-based steel producer Hoa Phat Group has stated that it is accelerating investments in home appliance production to catch the wave of the production shift from China to Vietnam. Accordingly, the company has established Hoa Phat Home Appliances Joint Stock Company.

According to the company’s statement, it prioritizes research and development of refrigeration products, modern design for home appliances, good quality and competitive prices in comparison with imported goods, while meeting international standards to promote exports.

Meanwhile, the company reported a net profit of VND 10.3 trillion and sales revenue of VND 38.9 trillion ($1.71 billion) for the third quarter, as SteelOrbis previously reported.

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