Hoa Phat Group’s contribution to the State budget surged by 94% to over VND6.3 trillion

In the first seven months of the year, Hoa Phat Group contributed more than VND6.3 trillion to the State budget, up 94 per cent over the same period in 2020. Its subsidiaries including Hoa Phat Dung Quat Steel Company and Hoa Phat Hai Duong Steel Company made the biggest contribution to the State budget in the period.

Specifically, in the seven-month period, Hoa Phat Dung Quat Steel Joint Stock Company paid VND4 trillion to the State budget, 2.8 times higher than the same period last year and accounting for 64 per cent of the whole group's budget contribution. The increasing demand for importing raw materials for production was the main reason leading to the sharp increase in the company’s tax payment in recent years.

With VND1.2 trillion, Hoa Phat Hai Duong Steel Joint Stock Company's contribution to the State budget increased by 58 per cent over the corresponding period last year. Of which, the contribution to the Hai Duong Province alone is

VND451 billion. In addition to Hai Duong Province, the company also contributes import and export customs duties in some other localities such as Quang Ninh Province and Hai Phong City. 

Currently, Hoa Phat Group is operating and contributing to the State budget in 25 provinces and cities across the country. In which, 7 localities including Quang Ngai, Quang Ninh, Hai Duong, Hung Yen, Hai Phong, Binh Duong and Ha Giang are the places where Hoa Phat pays the most taxes (including import-export customs duties and domestic taxes).

In the January-July period, Hoa Phat Group produced nearly 4.8 million tonnes of crude steel, representing 58 per cent year-on-year increase. Sales volume of steel products reached 4.9 million tonnes, up 50 per cent from the same period last year. Agriculture and real estate sectors also maintained stable growth. Therefore, the group's payment to the State budget has grown strongly.

Hoa Phat Group has not only been contributing increasingly to the State budget but also actively implementing corporate social responsibility to the community. In the first 7 months of 2021, the group has donated VND120 billion in the prevention of COVID-19 pandemic.

Nghi Tran