Accordingly, the company will establish a new subsidiary under the name Hoa Sen Hai Phong Single-Member Limited Liability Company (HSHP) with a capital of 300 billion Vietnamese dong (approximately US$11.39 million).
In a statement made last Friday, it was stated that the establishment of HSHP aims to strengthen Hoa Sen Group's corporate structure and expand its areas of activity. It was reported that the new company's headquarters will be located in parcel CN21-01 within the Nam Dinh Vu Free Trade Zone and Industrial Park (Zone 1), which is within the boundaries of the Dinh Vu–Cat Hai Economic Zone in the city of Hai Phong, located in northern Vietnam.
In a statement made by Hoa Sen Group, it was stated that the investment in question was aimed at strengthening the company's presence in the region, and it was emphasized that HSHP would operate as a wholly-owned subsidiary of Hoa Sen Group. It was noted that additional information regarding the scope of activities and operational details of the new company would be shared in the coming period.
HSHP's main area of activity will be the production of iron, steel, and cast iron. The company will also be active in forging, pressing, and stamping activities, as well as metal rolling and powder metallurgy. In addition, transportation support services, freight forwarding activities, and the wholesale of metals and metal ores are also among the company's registered activities.
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