Hanoi (VNA) - Steelmaker Hoa Phat Grouptargets revenue of 55 trillion VND (around 2.42 billion USD) and after-taxprofit of 8.05 trillion VND (354.6 million USD) in 2018.

The information was released at the group’s annualshareholder meeting held recently in Hanoi with the participation of 368shareholders, who together hold 77 percent of ordinary shares.

Hoa Phat’s management board chairman Tran DinhLong said the group sees 2018 as a crucial year. The firm would takedrastic measures to ensure the progress of the Hoa Phat Dung Quat steel andiron production complex and make it the priority target for this year, Longsaid.

He added that the management board had carefullyconsidered the targets before submitting them to the meeting.

The group would implement many big projects thisyear in their main steel business. In addition, it would be alert for changesin the material market. In other sectors such as agriculture,construction equipment and interiors, Hoa Phat would continue to maintain itsmarket share.

Tran Tuan Duong, Hoa Phat’s general director, saidthere was no steel firm in Vietnam as competitive as Hoa Phat. With alow rate of investment and a competitive price, Hoa Phat can directly competewith big firms around the world, he said.

Speaking on the progress of the Hoa Phat Dung Quatsteel and iron production complex, Duong said the group had begun installingthe first long steel rolling equipment, building a deep water port andundertaking other constructions. Hoa Phat employed around 3,000 workersfor the project, providing training at its complex in the northern province ofHai Duong.

Last year, Hoa Phat notched a record high businessresult in its 25 years of operation despite instability in the global andnational economies.

Its accumulated revenue in 2017 reached 46.8trillion VND (some 2 billion USD), posting an increase of 38 percent year-on-year.After-tax profit also hit a record high to reach 8 trillion VND (352.4 millionUSD), surpassing the set target by 33 percent and increasing 21percent over the previous year.

The group’s steel business played the key role,contributing some 90 percent of its total revenue and after-tax profit.

Hoa Phat last year exported some 200,000 tonnes ofsteel products. They included 161,000 tonnes of steel bars and rolled steel tothe US, Canada, Australia, Malaysia and Cambodia. With its positive business results, the groupcontributed 5 trillion VND (220 million USD) to the State budget in 2017, anincrease of 40 percent from 2016.-VNA