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Tuesday, June 18, 2024

Hoa Phat plans US$4.8 billion investment in Phu Yen

The Saigon Times

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HCMC – Vietnamese steel conglomerate Hoa Phat Group (HOSE: HPG) plans to pump VND120 trillion (US$4.8 billion) into three projects – a seaport, an industrial zone, and an integrated iron and steel complex – in the south-central province of Phu Yen.

A memorandum of understanding to this effect was signed between Hoa Phat and Phu Yen at a recent investment promotion conference.

Tran Dinh Long, chairman of Hoa Phat’s board of directors, said these projects will generate jobs for 20,000 people and contribute around VND10 trillion to the local budget annually.

Hoa Phat is a major steel producer in Vietnam, with annual crude steel output of 8.5 million tons.

Despite operating across various sectors, including agriculture and real estate, the firm focuses its investment on the Hoa Phat Dung Quat 2 Integrated Iron and Steel Production Complex in the central province of Quang Ngai.

This project, currently 45% complete, is expected to be operational by 2025, boosting Hoa Phat’s annual crude steel production capacity to 14 million tons.

The steelmaker’s 2023 revenue dropped by 16% year-on-year to over VND120 trillion, while after-tax profit amounted to around VND6.8 trillion.

Closing the trading session today, March 5, HPG shares edged up by 1.14% to VND31,150 per share, with a matching volume of 29.9 million shares.

The VN-Index of the Hochiminh Stock Exchange rose by 8.57 points today, or 0.68%, over the previous session, to 1,269.98 points, with 258 winners and 212 losers.

Stock trade dropped by 14% in volume and 15% in value versus the session earlier, with 1.01 billion shares worth VND24.3 trillion changing hands. Block deals totaled 83.2 million shares valued at nearly VND2.2 trillion.

Bluechip MSN of retailer Masan Group Corporation stole the limelight today, driving the VN-Index up by 1.8 points.

The stock soared to its daily upper limit of VND75,700 per share and extended its winning streak to the sixth straight session, with around 13 million shares traded.

Other bluechips, including HPG, CTG, VNM, GAS, MBB, SSI, ACB, BID, VIC, and VJC, saw gains ranging from 0.5% to 1.7%. SSI was the most actively traded stock on the southern bourse, with a matching volume of 31.3 million.

The HNX-Index of the Hanoi Stock Exchange moved sideways at the close, losing 0.03 point, down a marginal 0.01%, to 237.35 points. The northern bourse saw 74 advancers and 83 decliners and a trading volume of over 80.2 million shares worth VND1.5 trillion.

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