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Vietnam's steel production shows strong growth

Hoa Phat Group's net profit increased by 127%, while steel production increased by 10.1% and sales by 14.4%, while exports increased by 25.61%.

Vietnam's steel production shows strong growth

Vietnam Steel Association (VSA) announced that steel production increased by 10.1% in the first six months of 2024 compared to the same period last year. Total steel production reached 14.427 million tons during this period. Steel sales increased by 14.4% in the same period to 14.274 million tons. On an export basis, production increased by 8.6% to 4.216 million tons compared to the figures achieved in the first six months of 2023.

Since the beginning of 2024, the steel industry has benefited greatly from the increase in domestic consumption due to the recovery of the real estate market. These developments are positively impacting the industry's recovery. Moreover, the government's efforts to stimulate distributions and accelerate the progress of key projects are seen as a promising development for the steel industry's revival.

Hoa Phat Group Joint Stock Company achieved a net profit of approximately VND 3.320 billion in the second quarter of 2024. This figure indicates an increase of 127% compared to the same period last year, indicating that the company maintained its highest profit level. In addition, in the first six months of 2024, Hoa Phat achieved a profit after tax of VND 6.189 billion (0.000040/USD), an increase of approximately 3.4 times compared to the same period of the previous year. Meanwhile, in the first five months of 2024, Vietnam increased its steel exports by 25.61% compared to the same period last year, reaching approximately 5.505 million tons.

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