This is a challenging plan, said Chairman of the group Tran Dinh Long, adding that the group has carried out a series of measures to expand its market share, including intensifying marketing and advertisement, improving human resources, hiring more warehouses, and building a port on Dong Nai River in the southern region to receive steel transported from the central region.

According to Long, export currently accounts for around 10% of the group’s total steel sales.

It sets a target of shipping 400,000 tonnes of steel abroad next year, with the focus on Southeast Asian markets like Laos and Cambodia, he added.

The group’s steel sales are expected to hit 3 million tonnes this year, with more than 2.3 million tonnes being construction steel and 600,000-700,000 tonnes steel pipes. During January-November, it earned over VND50 trillion (US$2.13 billion) in revenue and VND8.1 trillion (US$345.6 million) in post-tax profit, exceeding the yearly target of VND8.05 trillion in post-tax profit.

In 2017, Hoa Phat Group’s revenue reached VND46.8 trillion, up 38% from 2016, and its post-tax profit hit a record VND8 trillion, surpassing its target by 33%, up 21% year on year.

The group’s steel business was the biggest contributor to these results, making up 90% of total revenue and post-tax profit.

Last year, Hoa Phat exported some 200,000 tonnes of steel products.

The group’s other operations include furniture, construction equipment, animal feed, refrigeration and real estate.