19:48 (GMT +7) - Friday 20/10/2017

Business

Hoa Sen launches $44mn steel pipe factory

Released at: 18:43, 27/02/2017 BUSINESS SPOTLIGHT

Hoa Sen launches $44mn steel pipe factory

Photo: Hoa Sen Group

Ground broken at new factory in Yen Bai province.

by Ngoc Chi

Hoa Sen Group has started project of Hoa Sen Yen Bai steel pipe factory at Tran Yen district, northern Yen Bai province on March 1 under the witness of Mrs. Pham Thi Thanh Tra, Chief of the Provincial Party Committee and other senior officials of the province, Hoa Sen Group’s partners and local people.

Covering in area of 20 ha, the project has an investment capital of over VND1 trillion ($44 million) with three phases.

The first phase which includes six steel tube manufacturing lines with capacity of 60,000 tons per year and one corrugated sheet production line with capacity of 4,000 tons per year, is expected to finish in September 2018.

The second phase including six steel tube production lines with capacity of 60,000 tons per year and one corrugated sheet production line with capacity of 4,000 tons per year, is expected to finish in 2020.

The third phase including ten steel tube production lines with capacity of 100,000 tons per year, is expected to operate in 2021.

After finished, Hoa Sen Yen Bai steel pipe factory is expected to have a large contribution to the province’s budget and create 400 jobs for people.

The factory is one of major projects of Hoa Sen Group’s expansion plan with the aim of enhancing production capacity and expand supply chain to meet the increasing demand of the North.

“Hoa Sen Yen Bai steel pipe factory is the fifth factory of Hoa Sen in the north and one of ten major project of the group across the country,” said Mr. Tran Ngoc Chu, CEO of Hoa Sen Group, adding that he  believes  the factory will operate effectively, contribute economic development of Yen Bai province in particular and the north in general.  

Besides expanding scale of manufacturing system which  currently consists of 114 factories, Hoa Sen Group is also making plan to expanding rapidly distribution channels across the country. Currently, the group has more than 250 retail branches in three regions of Vietnam. The group targets to have 500 retail branches over the country by 2018 and become the Vietnam’s leading brand of steel and corrugated sheet.

Moreover, Hoa Sen Group also constantly accelerates its products in the international market, available in more than 65 countries and territories around the world. The products meet demand difficult markets such as America, Europe.

With the aim of expanding domestic and international market, Hoa Sen Group will boosts its investment in major projects, especially northern and central market. This is the group’s important progress to affirm its leading position as a global growth business voted by Euromoney. 

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