Hòa Phát posts surging imports from Australia

December, 16/2020 - 09:24

The Hòa Phát Group has reported some US$700 million worth of imports from Australia this year, more than double the figure from last year and making the industrial manufacturer the largest Vietnamese client of the country.

With the advantage of a deep-water seaport near factories, Hoa Phat Group can easily import raw materials for production at competitive prices. — Photo courtesy of the group

HÀ NỘI — The Hòa Phát Group has reported some US$700 million worth of imports from Australia this year, more than double the figure from last year and making the industrial manufacturer the largest Vietnamese client of the country.

More than half of the total import value, or $364 million, came from coal, compared to just US$115 million in 2019.

The group’s purchases of iron ore leapt a whopping 19-times to $123 million in the first eleven months of the year.

Hòa Phát bought more coal and iron ore this year to serve production at its iron and steel integrated complexes in the northern province of Hải Dương and the central province of Quảng Ngãi’s Dung Quất Economic Zone.

Meanwhile, it annually purchases hundreds of thousands of cows from Australia, with its herd now accounting for 50 per cent of all Australian-imported cows in Việt Nam.

With such soaring import numbers, Hòa Phát is estimated to account for 17 per cent of Australia’s total export value to Việt Nam, compared to 7.4 per cent in 2018 and 7.6 per cent in 2019.

It is expected to outlay over $1 billion on goods from Australia next year, an annual increase of 40 per cent. — VNS

Hòa Phát

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