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Local steelmakers red hot on investment


Local steelmakers red hot on investment
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 02/05/2021
  
06:32
GMT+7
Over recent months, the steel market has retained positive momentum after its recovery in mid-2020, helping many steel producers record a strong performance in the first quarter of 2021.
Vietnam’s steel industry is now ranked in the top 15 biggest worldwide
In particular, locally-invested steelmaker Hoa Phat Group surpassed Taiwan’s Hung Nghiep Formosa Ha Tinh to become Vietnam’s largest steel producer after it produced two million tonnes of crude steel in the first quarter of this year, a 60 per cent increase on-year. ....

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Local steelmakers red hot on investment


Local steelmakers red hot on investment
17:33 | 28/04/2021
Vietnam’s steel industry is now ranked in the top 15 biggest worldwide, photo Le Toan
In particular, locally-invested steelmaker Hoa Phat Group surpassed Taiwan’s Hung Nghiep Formosa Ha Tinh to become Vietnam’s largest steel producer after it produced two million tonnes of crude steel in the first quarter of this year, a 60 per cent increase on-year.
This success has shown the growth of domestic steel enterprises, breaking the monopoly created in 2018 when Formosa Ha Tinh became the leading crude steel producer with estimated output of over five million tonnes of crude steel, double Hoa Phat’s crude steel production, and reaching 3.44 million tonnes of hot rolled steel. Formosa was the only company in the domestic market that could produce hot rolled coil (HRC) at the time. ....

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FIEs in Vietnam: big enterprises incur big losses, electronics manufacturers thrive


FIEs in Vietnam: big enterprises incur big losses, electronics manufacturers thrive
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 30/12/2020
  
15:07
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The Ministry of Finance (MOF), after analyzing the 2019 finance reports of foreign invested enterprises (FIEs), has found a contrast in the business performance of the enterprises.
Big FIEs: big losses, low tax payments
FIEs exports in 2015-2019 (billion dollar)
Formosa Ha Tinh had total assets of VND286 trillion on December 31, 2019, with accounts payable of VND186 trillion, including VND64.3 trillion worth of short-term debts and VND121 trillion worth of long-term debts. The enterprise had accumulated losses of VND25.3 trillion. ....

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Foreign investment fares poorest in steel: report - VnExpress International


Foreign investment fares poorest in steel: report
By Hung Le   December 28, 2020 | 09:41 am GMT+7
Steel production at a factory of Formosa Ha Tinh in central Vietnam. Photo courtesy of the company.
Steel manufacturers were some of the worst performing foreign invested enterprises in 2019, a new finance ministry report says.
Major steel producers Formosa Ha Tinh Steel Corporation (Formosa Ha Tinh) and Posco Yamoto Vina had unhealthy financials for two consecutive years of 2018 and 2019, according to a report submitted by the Ministry of Finance (MoF) to the PM last week, analyzing financial statements of over 22,600 foreign-invested enterprises (FDI) in Vietnam.
Taiwanese-invested Formosa Ha Tinh, infamous for dumping toxic waste killing over 100 tons of fish and devastating the environment and economies of four central provinces in 2016, had accumulated post-tax losses of more than VND25.38 trillion ($1.11 billion) by 2019, and is having difficulty repay ....

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