Chairman Tran Dinh Long of Hoa Phat confidently declared he fears no competition in the steel industry; however, this sector has become crowded with new competitors, including billionaire Pham Nhat Vuong from Vingroup. Recently, Vingroup started construction on the VinMetal steel plant in Ha Tinh with an investment of nearly 80 trillion VND and an expected capacity of 5 million tons per year. This project aims to produce high-quality steel for various industries. Xuân Thiện has also entered the field with its green steel project in Nam Dinh, aiming for a production capacity of 9.5 million tons while reducing CO2 emissions. Hoa Phat is currently leading in production and continues to strengthen its position with technological innovations. The impact of these new competitors is still uncertain, but Hoa Phat maintains advantages in market share and production capacity. Hoa Phat recorded sales of 10.6 million tons of steel last year, accounting for 60% of the HRC production market in Vietnam, and is advancing its rail steel production project for key railway projects in the future.
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