Sharing with shareholders about Hoa Phat and Formosa sending a request for investigation into hot rolled steel (HRC) originating from China and India, Mr. Tran Dinh Long - Chairman of the Board of Directors of Hoa Phat Group said that this is very normal. The viewpoint of protecting domestic production is normal in Vietnam and in the world. No country accepts foreign goods flooding in. No country in the world accepts imported steel that is larger than domestic production.
He emphasized: 30 years ago, Vietnam only produced 300,000 tons of steel and was not on the world steel map, but now we are proud to have a name on the map, especially in producing fabricated steel and high-grade steel. Vietnam is also the largest steel producer in ASEAN with over 20 million tons. Steel is the bread of industry. Looking at recent conflicts in the world , it is easy to see that steel is very important to the defense industry and national security. The Party and State's policy is always to support and encourage upstream industrial production. Therefore, we hope everyone will support domestic production in general, especially upstream industries.
Billionaire Tran Dinh Long shared with shareholders on the morning of April 11
Regarding the 2024 business plan, Hoa Phat's board of directors assessed that the Vietnamese and world economies still have many unknowns, unclear signs of recovery, fluctuations in exchange rates, interest rates and other factors in the world market. On that basis, Hoa Phat closely monitors market developments to manage production and business accordingly. Specifically, the group sets a target of 140,000 billion VND in revenue and 10,000 billion VND in after-tax profit for 2024. However, after the Dung Quat 2 project is completed, Hoa Phat's revenue could reach 200,000 billion VND and the proportion of steel revenue will account for 95% of the group's total revenue, up from 85 - 90% in recent years.
The company's board of directors also said that Hoa Phat is researching silicon steel to produce steel used in electric motors and made from scratch. This is a product that no other company in Vietnam has been able to produce. In addition, Hoa Phat will produce high-strength rail steel. Hoa Phat has taken the first steps and is ready to bid for the North-South high-speed railway project...
Hoa Phat's 2024 Annual General Meeting of Shareholders took place on the morning of April 11.
Regarding the business results of the first quarter of 2024, Mr. Tran Dinh Long said that Hoa Phat achieved a profit of VND 2,869 billion, equivalent to 28.7% of the annual plan. The steel and steel product production sector contributed about 90% of this result. “The first quarter of 2024 can be said to be relatively good, the group did two things well. The first is to increase sales output compared to the same period. The second is to use up high-priced raw materials in inventory. This quarter may be a little loss but it will be good for the following quarters. The group has never reduced inventories as low as it is now,” Chairman of the Board of Directors Tran Dinh Long assessed.
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