Steel producer Hoa Sen Group was the only Vietnamese representative in the list of 132 global growth companies (GGCs) selected at the World Economic Forum last week. Hoa Sen president (in suit) is holding the honour certificate in in Dalian, China. — VNS Photo HA NOI (Biz Hub) —Steel producer Hoa Sen Group was the only Vietnamese representative in the list of 132 global growth companies (GGCs) selected at the World Economic Forum last week. At Dalian, China, the most dynamic and high-growth companies were selected as GGCs for being innovators and market shapers, and the forum said they have the potential to impact the region and the globe. The organisers said GGC honourees represent a cross-section of industry sectors and share a track record of exceeding industry standards in revenue growth, promoting innovative business practices and demonstrating leadership in corporate global citizenship. Olivier M. Schwab, head of business engagement at the World Economic … [Read more...]
Hoa Sen listed among fastest-growing companies in East Asia
At its annual shareholders' meeting in HCM City on January 19, the company reported revenues of VND15 trillion (US$714 million) in 2014. — Photo VNA HCM CITY (Biz Hub) — The giant Vietnamese steelmaker, Hoa Sen Group, has been listed as one of the six fastest-growing companies in East Asia. The only Vietnamese company on the list, Hoa Sen Group was invited to join the Global Growth Companies community at the World Economic Forum in East Asia, which is taking place in Jakarta, Indonesia. The other five companies in the region are Amata Corporation of Thailand, GrabTaxi of Malaysia, Sritex/Sri Rejeki Isman and Tokopedia of Indonesia and Trade and Development Bank of Mongolia. "The World Economic Forum is proud to recognise these six companies that are at the forefront of driving responsible economic growth, job creation and entrepreneurism in East Asia. We look forward to the active and dynamic role they will play at our meeting in Jakarta, working with the region's leaders … [Read more...]
Hoa Sen Group sees boost from TPP with Vietnam poised as ‘Big Winner’
Hoa Sen Group, Vietnam's second-biggest listed steel company by market value, expects a 10-fold jump in its sales to North America within a year of any agreement on a Pacific trade accord, Chairman Le Phuoc Vu said. Hoa Sen exported about 280,000 tons of steel in the year ended Sept. 30, valued at $252 million, or about 45 percent of sales, according to the company's annual report. Hoa Sen Group, Vietnam's second-biggest listed steel company by market value, expects a 10-fold jump in its sales to North America within a year of any agreement on a Pacific trade accord, Chairman Le Phuoc Vu said. The 12 countries negotiating the Trans-Pacific Partnership held a crucial round of talks in Singapore. Hoa Sen is hopeful that a TPP accord can be reached soon, Vu said in an interview. "If Vietnam is successful in joining the TPP, we will have a very big opportunity," Vu said Feb. 14 in Ho Chi Minh City, citing a potential increase in exports to markets including Mexico and Chile. "With … [Read more...]
Hoa Sen Group supports teachers in storm region
Hoa Sen Group will donate 12,000 metres of corrugated iron worth VND650 million (US$31,000) to poor teachers in the central region who have been affected by the storm.— File Photo HCM CITY (Biz Hub) – Hoa Sen Group will donate 12,000 metres of corrugated iron worth VND650 million (US$31,000) to poor teachers in the central region who have been affected by the storm. The group said they had quickly transported the corrugated iron to teachers, especially those living in central Quang Binh Province which suffered the most damage from the storm. The group has worked with Viet Nam Television and Tuoi Tre (Youth) newspaper to call for more support from society to help residents affected by the storm. — VNS … [Read more...]
Gov’t awards Hoa Sen Group third-class labour medal
Vice President Nguyen Thi Doan awards the third-class labour medal to Hoa Sen Group. — File Photo HCM CITY (Biz Hub)– Vice President Nguyen Thi Doan earlier this week awarded the third-class labour medal to Hoa Sen Group (HSG) for their contribution to socio-economic development over the last 12 years. The group also received a certificate of merit for its contribution to national children healthcare from the Ministry of Labour, Invalids and Society. On the occasion, the group granted VND1 billion (US$50,000) to the National Fund for Vietnamese Children. For fiscal year 2012-13, the group estimates that it would reach revenue of VND11.7 trillion ($557 million) and after-tax profits of VND580 billion ($27.6 million).— Photo vietstock The funds will be used to support disadvantaged children who need heart operations and wheelchairs as well as vocational training and rehabilitation programmes. For fiscal year 2012-13, the group estimates that it would reach … [Read more...]
Hoa Sen steel chief in line for global business honour
Le Phuoc Vu (in the middle) talks with media on the announcement of the award. — VNS Photo Thu Ngan HCM CITY (Biz Hub) — Le Phuoc Vu, chairman of giant steel maker Hoa Sen, has been nominated for the EY World Entrepreneur of the Year award, accounting firm Ernst and Young Viet Nam announced on Monday. EY Viet Nam said some 65 businesspeople from 53 nations and territories would join the award this year in Monaco next month. The winners will be announced on June 6. Vu was chosen from scores of entrepreneur in Viet Nam for his contribution to the company as well as the Vietnamese steel industry. Since starting with an investment of VND1.2 million in 2001, Vu has developed Hoa Sen into a giant steel producer and the biggest exporter in Southeast Asia after it grew by an average of 93 per cent a year. Last year the company had revenues of US$700 million. Hoa Sen now has five subsidiaries, six plants, 160 distribution points, and 4,800 workers. The EY World Entrepreneur of … [Read more...]
Hoa Sen builds new steel plant in Ha Nam
Hoa Sen Group started construction of a steel plant in the Kien Khe 1 Industrial Complex in the northern province of Ha Nam on Thursday. — Photo vov HA NAM (Biz Hub) — Domestic steelmaker Hoa Sen Group on Thursday started construction of a steel plant in the Kien Khe 1 Industrial Complex in the northern province of Ha Nam. Covering an area of 20.4ha, the new plant, to cost VND3 trillion (US$138 million), will make steel pipes and plastic pipes, among other products. Construction will be divided into two phases. The first phase will be marketed in 2017. The entire construction project will be completed in 2018, offering 1,000 new jobs. The plant is part of Hoa Sen's goal of expanding its business to the North, the company said. Hoa Sen is one of the biggest steelmakers in the country, holding 40 per cent of the steel market and 20 per cent of the steel pipe market. The group's products are exported to 60 countries and territories. In the first quarter of the year, more … [Read more...]
Hoa Sen exports steel sheets to EU
Hoa Sen Group on Tuesday exported 12,000 tonnes of rolled steel sheets, worth some US$9 million, to the European market from the SP-SSA International Terminal in Thanh Hóa Province.This is the largest steel sheet batch to the EU till date, the group said. Beginning exports to the EU in 2012, Hoa Sen’s products have, so far, been exported to many European markets, including Poland, Spain, France and Belgium, as well as Britain, Croatia and Russia.The group said it would continue to boost growth in the EU market, targeting an export volume of 10,000-15,000 tonnes of rolled steel sheets per month.In March last year, the group also exported its largest steel sheet batch till date, totalling 20,000 tonnes of the product to the United States, which met the requirements of American Society for Testing and Materials (ASTM), (British Standards European Norm (BSEN) and Japanese Industrial Standards (JIS).Besides taking the lead in the domestic market, Hoa Sen began exporting in 2008. … [Read more...]
Hoa Sen group sponsors U19 football event
HA NOI (VNS)- Steel and plastic manufacturing group Hoa Sen would be the main sponsor of the National U19 Football Championships, the Viet Nam Football Federation (VFF) has confirmed. Under the contract signed between the group and VFF, this year's event will be known as the "Ton Hoa Sen Cup 2013". Twenty-three football clubs are taking part in the qualifying round of the tournament, scheduled for January 15-25 and February 24-March 6. The final stage of the tournament will take place from March 14-23. The winners will receive a cash prize of VND50 million while the runners-up will pocket VND30 million. The two third placed teams will receive VND20 million each. - VNS … [Read more...]
VietinBank to loan $1.2b to Hoa Sen
The Viet Nam Joint Stock Commercial Bank for Industry and Trade (ViettinBank) will lend VND2.5 trillion (US$1.2 billion) to the steelmaker Hoa Sen Group for the construction of two mills containing cold rolling lines.—File Photo HA NOI (Biz Hub)— The Viet Nam Joint Stock Commercial Bank for Industry and Trade (ViettinBank) will lend VND2.5 trillion (US$1.2 billion) to the steelmaker Hoa Sen Group for the construction of two mills containing cold rolling lines. The loans will be disbursed in late 2013 and early 2014 under an agreement on strategic co-operation which was signed yesterday, said ViettinBank chairman Pham Huy Hung. Each cold rolling line will have a designed capacity of 200,000 tonnes of metal per year. VietinBank has also committed to providing funds for Hoa Sen Group to supplement the company's working capital. They will enjoy preferential lending rates of 8 per cent for short-term loans and 11 per cent for long-term credits, Hung noted.—VNS … [Read more...]