Hoa Phat Group moves to expand market share of steel products

This is a challenging plan, said Chairman of the group Tran Dinh Long, adding that the group has carried out a series of measures to expand its market share, including intensifying marketing and advertisement, improving human resources, hiring more warehouses, and building a port on Dong Nai River in the southern region to receive steel transported from the central region.According to Long, export currently accounts for around 10% of the group’s total steel sales.It sets a target of shipping 400,000 tonnes of steel abroad next year, with the focus on Southeast Asian markets like Laos and Cambodia, he added.The group’s steel sales are expected to hit 3 million tonnes this year, with more than 2.3 million tonnes being construction steel and 600,000-700,000 tonnes steel pipes. During January-November, it earned over VND50 trillion (US$2.13 billion) in revenue and VND8.1 trillion (US$345.6 million) in post-tax profit, exceeding the yearly target of VND8.05 trillion in post-tax profit.In 2017, Hoa Phat Group’s revenue reached VND46.8 trillion, up 38% from 2016, and its post-tax profit hit a record VND8 trillion, surpassing its target by 33%, up 21% year on year.The group’s steel business was the biggest contributor to these results, making up 90% of total revenue and post-tax profit.Last year, Hoa Phat exported some 200,000 tonnes of steel products.The group’s other operations include furniture, construction equipment, animal feed, refrigeration and real estate.