Information on the impact of the Covid 19 pandemic on Hoa Phat Group

16/03/2020 00:00

In the context of the complicated global pandemic of Covid 19, Hoa Phat Group received many comments from Shareholders about the impact of the pandemic on the Company's operations. For this issue we would like to inform the following information:

1. The field of Steel

Regarding sales activities, the sales volume in March is expected to grow well compared to February, exports of both finished steel and steel billet grew highly and are not dependent on a specific market.

The supply chain of raw materials for production always has a backup plan for about 3-6 months, depending on the type of raw materials and supplies. The system of Hoa Phat's suppliers is diverse, making it easy for the Group to redirect other partners in non-epidemic countries or countries that have not announced restriction of movement or import or export of goods.

0850dede28fcd3a28aed

 Danieli provided the hot rolled coil production line for the Hoa Phat Dung Quat Steel Integrated Complex project

Particularly, the HRC line of the Hoa Phat Dung Quat Steel Integrated Complex has finished installing the equipment, is expected to be commissioned and put into operation on April 1, 2020. But due to the Covid 19 pandemic, Italy issued a blockade, Vietnam also stopped exempting and granting visas for Italian citizens from March 2, 2020, Danieli Group (Italy) could not send technology experts to Vietnam, so the HRC line is behind schedule. This is a modern line, highly automated, so in addition to Italian experts, other foreign engineers cannot be replaced in the official operation state. Immediately after the Covid 19 epidemic is under control, the Danieli Group will send experts to operate, the HRC line of the Hoa Phat Dung Quat Steel Integrated Complex will come into operation.

 2. Agriculture, other industries and real estate

Agriculture and other fields of Hoa Phat operate normally. Agricultural products of the Group are in the essential group, encouraged by the Government to stabilize the market, especially when there is an epidemic. Hoa Phat's farms operate well, sales of pigs, cows and clean chicken eggs grow strongly.

Business activities of the segments such as other industries, real estate are not interrupted by epidemic.

Jobs and income of nearly 23,000 employees are guaranteed. Stable financial situation thanks to maintaining good business operation, stable cash flow and financial strength of the Group.

HPG News

Comment

Send email
Chat with us
Back to top