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Hòa Phát’s imports from Australia to reach $1.44 billion this year

Update: March, 05/2021 - 07:19

 

Steel production line at Hòa Phát Hải Dương Steel Joint Stock Company. Hòa Phát Group plans to import US$1.44 billion worth of commodities from Australia in 2021, more than doubling last year’s figure. — VNA/VNS Photo Danh Lam

HÀ NỘI — Hòa Phát Group plans to import US$1.44 billion worth of commodities from Australia in 2021, more than doubling last year’s figure.

The imports will include around four million tonnes of iron ore, 3.5 million tonnes of coal of different types and 145,000 cows.

The group’s imports of machines, equipment and materials for production reportedly hit nearly $2 billion last year. Of the total, some 35 per cent, or $700 million, came from Australia, also over double the figure from 2019 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 $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 2020.

Hòa Phát bought more coal and iron ore last 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 accounting for 50 per cent of all Australian-imported cows in Việt Nam.

With such soaring import numbers, Hòa Phát was estimated to account for 17 per cent of Australia’s total export value to Việt Nam in 2020, compared to 7.4 per cent in 2018 and 7.6 per cent in 2019.

According to Global Trade Atlas, Australia’s exports to Viet Nam reached $4.4 billion in 2020, 16 per cent of which was imported by Hòa Phát.

Last year, the group’s exports exceeded $1 billion, including $966 million worth of high-quality and construction steel. — VNS

 

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