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Steel project opens in Đà Nẵng

Update: September, 14/2016 - 09:00
A workers helps move steel products at Hoà Phát Steel Pipe company in Đà Nẵng. The company has opened its second steel plant in Đà Nẵng city. — Photo Hoà Phát Group
Viet Nam News

ĐÀ NẴNG — The Hòa Phát Group has opened its second steel pipe plant in the Đà Nẵng’s Hòa Khánh Industrial Zone.

The new plant has capacity of 120,000 tonnes per year, fulfilling demand for the central and central highlands market and exports to Laos and Cambodia.

The group said the two plants, built on 9.3ha with total investment of VND260 billion (US$11.6 million), and three other plants would help the group increase its total capacity to 1 million tonnes per year and 30 per cent of Việt Nam market share in 2020.

Last year, the Hòa Phát steel pipe company earned revenue of VND7 trillion ($311 million) to contribute VND650 billion ($29 million) to the State budget, holding a 25 per cent share of Việt Nam’s steel pipe market.

The local steel pipe producer has built six plants in Hưng Yên, Bình Dương, Long An and Đà Nẵng with total capacity of 500,000 tonnes. — VNS

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