Vietnam imposed anti-dumping duties on galvanized steel products imported from China and Korea in 2017, with the highest tax rate being 38.34%. After 5 years of implementation, the Ministry of Industry and Trade decided to end this order. By 2023, steel businesses continue to submit documents to petition to initiate an investigation.
HPG Chairman Tran Dinh Long said that initiating an anti-dumping investigation is according to WTO standards and is normal.
In Vietnam, the market share of imported steel is larger than domestically produced steel, with low prices, causing difficulties for domestic businesses. HPG is currently the largest steel producer in Southeast Asia, with a total output of over 20 million tons. HPG’s steel scale will also increase in the coming years when the Dung Quat 2 super project comes into operation from 2025.
Hoa Phat’s revenue of billionaire Tran Dinh Long was then forecast to double, to nearly 190 trillion VND.
The prosperity of the steel industry goes hand in hand with the strong increase in demand for Hoa Phat Group’s HPG shares… which is a factor that helps billionaire Tran Dinh Long’s assets increase rapidly. The business prospects of the giant from Hai Duong are quite bright.
According to the Forbes 2024 list (announced in early April), Mr. Tran Dinh Long had the fastest growth rate in assets among Vietnamese billionaires in the past year. Accordingly, the steel industry giant has an additional 800 million USD, up to 2.6 billion USD and ranks 3rd among the richest people on the Vietnamese stock exchange.
As of June 17, according to Forbes, Mr. Tran Dinh Long has a fortune of 2.7 billion USD, ranked 3rd in Vietnam, after Mr. Pham Nhat Vuong (4.2 billion USD) and Ms. Nguyen Thi Phuong Thao VietJet (2.8 billion USD).
On the stock market, selling pressure is still strong. During the June 17 session, many pillar stocks dropped quite sharply in price such as: Masan (MNS), BIDV (BID), FPT, Mobile World (MWG)…
Although the market dropped sharply from last week’s session, overall, according to VNDirect, the drop session has not changed the medium-term uptrend of the market, especially in the context that the domestic macroeconomic foundation is still stable. stable and improving in a number of aspects such as growth, import and export, exchange rate stability and gold market,… The adjustment is said to be not large and will not last long.