According to the report, Vietnam’s steel manufacturer Hoa Phat Steel began operating its Hoa Phat Homes Appliance Factory in Ha Nam province at the end of September, with an annual production capacity of 1 million tons. The company established a home appliance maker in the fourth quarter of last year and has invested about US$42 million since November, with the goal of becoming the leading home appliance maker in Vietnam by 2030.

Some market participants indicated that Hoa Phat Steel’s annual production of crude steel, semi-finished steel and hot rolled coils of 4 million tons, 4.5 million tons and 3.5 million tons, respectively. The company also planned to establish two new blast furnaces with an annual capacity of 2.5-2.8 million tons to expand its hot-rolling capacity to 5 million tons. The long product industry is likewise fast expanding.

Furthermore, the second PC stranded wire factory has been operational since the end of September, increasing the annual production capacity of PC stranded wire from 300,000 tons to 600,000 tons.