Formosa Ha Tinh Steel Corporation (Vietnam)

The subject is considered an extremely large project not only in Ha Tinh Province but also all over Vietnam. The company is operating Formosa Ha Tinh integrated steel mill in Ha Tinh Province, Vietnam. It manufactures hot rolled coil, hot rolled band, steel bar, and steel wire rod to serve both domestic and international markets. The export market is Asia countries such as China, Taiwan, Thailand, Indonesia, etc.It is known that steel manufacturing enterprises have encountered difficulties from the end of 2022 until now due to continuous decreases in steel prices. The reason is that consumption demand is slow, construction projects are stagnant, and domestic steel manufacturers have to compete with cheap imported steel from China. According to media sources, in November 2022, FHS announced a 15% reduction in production to stabilize prices. From the financial data, its net sales reached VND 94,944 billion, which was considerably reduced by 22% compared to 2021. Together with high increases in COGS and financial expenses, the company reported a big loss of VND 7,634 billion.