Hoa Sen Group’s plan was carried out after the 2019 annual shareholders’ general meeting to restructure distribution points in the form of provincial branches. 2019 will be a year of consolidation for Hoa Sen Group The board of management of Hoa Sen Group (HSG) has just issued the resolution on terminating the operation of affiliated branches to convert them into business locations under provincial branches. During this restructuring, 21 branches have cancelled operations, including 13 in Binh Dinh and 8 in Tay Ninh province. HSG’s board of management justified the move by claiming it will improve performance as well as strengthen the handling of debts, liquidated contracts, and social welfare activities for the employees of these branches. According to the annual statement released in early-2019, HSG had 491 branches and stores across the country after 15 years of significant development and success. Moreover, the group has applied the enterprise resource … [Read more...] about Hoa Sen Group closes 21 branches
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Hoa Sen Corporation shipped 17,000 tonnes of steel sheet worth over 14 million USD to the US on January 10, 2019 (Source: VNA) Nghe An (VNA) - Hoa Sen Corporation shipped 17,000 tonnes of steel sheet worth over 14 million USD to the US on January 10 – the firm’s first batch of exports to the market in 2019. Apart from the US, Hoa Sen’s products are now available in more than 75 countries and territories, including markets with strict requirements on the quality of products, services and delivery time such as the US and Europe. Hoa Sen Group began to export to the US in 2014 and has made strong development in this market for many years. In the context of rising trade protection policies and the narrowing door for export of steel sheet to big markets like the US, Europe, Hoa Sen Group is still able to maintain the export of its products to the US, which proves the competitiveness of Hoa Sen brand in the international market. The firm’s output in the … [Read more...] about Hoa Sen Corp. ships 2019’s first batch of steel sheet to US
The Hanoitimes - Vietnamese steel producers are looking toward domestic hot-rolled coil (HRC) in order to avoid more anti-dumping duties that could be imposed by the US. Vietnam's steelmaker Hoa Sen Group has reached an agreement to purchase HRC from major Vietnamese integrated steel producer Formosa Ha Tinh (FHS) amid fierce competition, local media reported. Illustrative photo. HRC is a major raw material for the production of steel sheet and steel pile. In the first nine months of 2018, HRC import prices increased by 16% year-on-year, causing a decrease of 55% in Hoa Sen Group's profit to VND512 billion (US$21.99 million). Under this context, the deal is expected to improve the group's financial situation in 2019. According to Nhip Cau Dau Tu, Tran Duong, analyst at KIS Vietnam Securities Corporation, stated that an agreement to purchase HRC between FHS and Hoa Sen Group would temporarily relieve pressure on importing the product and keep a stable … [Read more...] about Vietnam’s steelmaker Hoa Sen to purchase hot-rolled coil from Formosa Ha Tinh
A trade centre of a Hoa Sen Group subsidiary under construction caught fire, adding to the mounting debt problems of the corporation. The fire at the Hoa Sen Group project Fire damage at nearly $9,000 Hoa Sen Group has issued an announcement about the fire at its four-star complex including a trade centre, hotel, and event place at Nguyen Tat Thanh Street in the northern province of Yen Bai's Yen Bai city. Accordingly, at 2.20PM on September 23, a huge fire broke out from the basement and first floor of the project. Although the construction units complied with safety regulations, during welding works, the wind blew ash into the area where combustible material was kept on the first floor of the building, which resulted in fire. “Workers tried to bring the fire under control with fire extinguishers, sand, and water, but the wind was too strong and the fire spread too fast. They had to call the fire department for support. By 2.40PM the fire was extinguished. The incident … [Read more...] about Hoa Sen Group construction fire adds salt to injury
The consecutive decrease in profit makes it questionable whether domestic private Hoa Sen Group can develop the $10.6-billion Ca Na steel project in the central province of Ninh Thuan. Hoa Sen Group may not be able to develop the $10.6 billion Ca Na steel complex? According to CafeBiz, steel maker Hoa Sen Group has published a bleak financial statement for the first quarter of 2018 (the second quarter of the 2017-2018 financial year ending in September this year). Accordingly, the firm reported VND7.66 trillion ($336.5 million) in revenue, up 23 per cent on-year. However, its net profit was only VND115 billion ($5.05 million), one-fifth of last year’s figure. The firm’s after-tax profit was only VND87 billion ($3.82 million). The major reason for this plunge is due to the increase of expenditures, including interest payments for debts. Notably, the corporation’s short-term debt increased by VND3.6 trillion ($158.1 million) to VND16.24 trillion ($713.5 … [Read more...] about Bad performance spells doom for $10.6 billion Hoa Sen Group steel complex?