Hung Yen Province hails outstanding tax payers in 2017

The People's Committee of Hung Yen Province on January 31st 2018 held a meeting with some outstanding enterprises who fulfilled their obligations to the State budget in 2017. Mr. Doan Gia Cuong - vice chairman of the management board cum director of Hoa Phat Furniture Joint Stock Company, Mr. Hoang Quang Viet - a member of the management board cum director of Hoa Phat Urban Development and Construction Joint Stock Company represented the group as the largest tax payers in the province.

The meeting was chaired by Mr. Nguyen Van Phong - chairman of Hung Yen People's Committee, with participation of departments and typical enterprises. Speaking at the meeting, Mr. Phong stressed that 2017 was the first year of the province to implement self-balancing budget revenue and expenditures, partly regulated by the central budget. The chairman of the provincial People's Committee praised contributions of enterprises in fulfilling their obligations to pay the State budget, creating jobs for labourers as well as contributing to ensuring social security in the province in the past time, especially typical businesses such as Hoa Phat.

Mr. Doan Gia Cuong – on behalf of Hoa Phat Group briefly introduced about its business results in 2017 while submitting proposals to the province in supporting the group’s subsidiaries in Hung Yen Province

Hoa Phat Group experienced the year of 2017 with the most brilliant achievements ever. Its consolidated revenue was VND46.8 trillion, up 38 per cent against 2016. Particularly, its after-tax profit recorded the highest level in the group's history at VND8.01 trillion, surpassing the set plan by 33 per cent and up 21 per cent over the previous year. With the positive business results, Hoa Phat contributed VND5 trillion to the State budget, increasing 40 per cent over 2016.

Hoa Phat always has the largest comtribution to State budget of Hung Yen Province among private enterprises (over 40 per cent) and accounting for more than 10 per cent of total provincial budget revenue over the past years. In 2017, the group contributed VND1.2 trillion to the provincial budget, helping the province reach the target of achieving its first year budget revenue allocation. Of which, Hoa Phat Steel Pipe Company, Hoa Phat Steel One Member Company Ltd, Hoa Phat Furniture Company... had the highest contribution to the State budget.

During the year, Hoa Phat Dung Quat Integrated Steel Complex was officially launched in Quang Ngai Province. After completion in 2019, total capacity of Hoa Phat steels would reach over 7 million tonnes per year, bringing the group into the Top 50 largest steel companies in the world.

Leaders of Hung Yen Province and representatives of outstanding enterprises

The group's representative expressed their thanks to the province's leaders and departments for their support and encouragement over Hoa Phat during the past time. However, Hoa Phat recommended the province continue to support its member companies for implementation of new colour coated steel and expand of Pho Noi A Industrial Park, Yen My II Industrial Park and Bac Pho Noi Urban Area projects. “If the province creates favourable conditions, the group will consider implementing some other projects in the province,” Cuong said.

Nghi Tran