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Top Vietnam steelmaker Hoa Phat cranks up appliances with new factory

Diversifying group's $41m domestic plant to produce air conditioners, air purifiers

Vietnam's Hoa Phat Group has grown into the top Southeast Asian steel producer over three decades. (Photo by Tomoya Onishi)

HANOI -- Vietnam's Hoa Phat Group, Southeast Asia's top steelmaker, has opened a factory for air conditioners and other home appliances in a nascent segment it hopes will generate $1 billion in annual revenue by 2030.

The plant in Vietnam's northern province of Ha Nam also will make water purifiers and air purifiers, with an annual capacity of 1 million products. The factory in Hoa Mac Industrial Park cost over 1 trillion dong ($41.8 million).

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