Vietnamese steel giant Hoa Phat: “We can cope with Chinese competition”

Nguyen Viet Thang, general manager of Hoa Phat, listed as HPG on the HCMC Stock Exchange (HoSE), emphasized that competing with Chinese steel has been their top priority since the company's establishment.

Stating that China is the world's largest steel producer and consumer, Thang stated that the competitive pressure on Chinese steel has increased, especially with the slowdown of the Chinese economy in the last three years. He stated that the increase in Vietnam's iron and steel imports from China demonstrates this situation.

However, Thang expressed his belief that Hoa Phat could compete with Chinese steel. He stated that they always pay attention to production costs and that Hoa Phat steel can fully compete with Chinese steel with its global raw material structure. In addition to this confidence, company executives also expressed concerns about unfair competition. Stating that many Chinese steel companies that suffered losses last year are ready to sell their products at low prices, managers emphasized that Hoa Phat will object only in case of unfair competition.

Stating that Hoa Phat and another steel giant Formosa submitted a proposal to impose anti-dumping duty on hot rolled steel coming from China, Thang stated that their companies will support the local manufacturing sector.

Stating that they think the government will support the steel industry, Thang added that the petition regarding the anti-dumping duties in question is being examined by the Ministry of Industry and Trade.