Hoa Phat’s imports from Australia to reach $1.44 billion this year

06-Mar-2021 Intellasia | VNS | 6:49 AM Print This Post

Hoa Phat Group plans to import $1.44 billion worth of commodities from Australia in 2021, more than doubling last year’s figure.

The imports will include around four million tonnes of iron ore, 3.5 million tonnes of coal of different types and 145,000 cows.

The group’s imports of machines, equipment and materials for production reportedly hit nearly $2 billion last year. Of the total, some 35 per cent, or $700 million, came from Australia, also over double the figure from 2019 and making the industrial manufacturer the largest Vietnamese client of the country.

More than half of the total import value, or $364 million, came from coal, compared to just $115 million in 2019.

The group’s purchases of iron ore leapt a whopping 19-times to $123 million in the first eleven months of 2020.

Hoa Phat bought more coal and iron ore last year to serve production at its iron and steel integrated complexes in the northern province of Hai Duong and the central province of Quang Ngai’s Dung Quat Economic Zone.

Meanwhile, it annually purchases hundreds of thousands of cows from Australia, with its herd accounting for 50 per cent of all Australian-imported cows in Vietnam.

With such soaring import numbers, Hoa Phat was estimated to account for 17 per cent of Australia’s total export value to Vietnam in 2020, compared to 7.4 per cent in 2018 and 7.6 per cent in 2019.

According to Global Trade Atlas, Australia’s exports to Vietnam reached $4.4 billion in 2020, 16 per cent of which was imported by Hoa Phat.

Last year, the group’s exports exceeded $1 billion, including $966 million worth of high-quality and construction steel.

http://bizhub.vn/corporate-news/hoa-phats-imports-from-australia-to-reach-144 billion-this-year_322624.html

 

Category: Business, Vietnam

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