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Vietnam's Hoa Phat tightens grip as top Southeast Asia steelmaker

New blast furnace to help boost output 70%, curb dependence on Chinese imports

Hoa Phat's new blast furnace will allow Vietnam to domestically produce much of its supply of hot-rolled coils. (Photo courtesy of Hoa Phat Group)

HANOI -- After emerging as Southeast Asia's biggest steelmaker earlier this year, Vietnam's Hoa Phat Group aims to solidify its position with a new 85 trillion dong ($3.7 billion) blast furnace breaking ground in early 2022.

"Demand for steel remains strong in Vietnam, and we have a lot of faith in this investment," Hoa Phat Chairman Tran Dinh Long said of the new furnace planned in Vietnam's central Quang Ngai Province.

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