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|A workers helps move steel products at Hoà Phát Steel Pipe company in Đà Nẵng. The company has opened its second steel plant in Da nang city. Photo Hoà Phát Group|
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 group 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 market.
The local steel producer has built six plants in Hung Yen, Binh Duong, Long An and Da Nang with total capacity of 500,000 tonnes.