The Hoa Sen Group's large export shipment to the US is seen as a breakthrough for Vietnam's steel and corrugated iron industry's exports in general and the Group's business performance in particular.
The Hoa Sen Group has exported 20,000 tons of finished corrugated iron to the US worth approximately $10 million, marked by a ceremony held at SSIT Port in southern Ba Ria Vung Tau province on February 29.
The US is a large market of much potential for exporters. It sets strict requirements on quality, service and delivery time of products, however, Chairman of the Hoa Sen Group Le Phuoc Vu said. Hoa Sen’s products have been present in the US since 2014 and its exports to the country have accelerated since last September.
The biggest shipment of finished corrugated iron ever to the US is also confirmation of the quality of the Hoa Sen Group’s products and contributes to improving Vietnamese branding in the US market in particular and the global market in general.
In prioritizing the strengthening of its products’ competitiveness in the market, the Hoa Sen Group has focused on investing in modern technologies to meet standards such as ASTM (American Society for Testing and Materials), BS EN (British Standards European Norm), JIS (Japanese Industrial Standards), SNI (Indonesian National Standards) and MS (Malaysia Standards), Mr. Vu said in explaining the Group’s success.
The Group’s large export shipment to the US is the result of ongoing efforts by private Vietnamese enterprises to actively improve internal resources, seek new markets, and seize opportunities brought about by international integration, especially the TPP. According to insiders, the TPP, which was signed on February 4, promises to bring many benefits to exporters in its 12 member countries, including Vietnam.
Outstanding business strategies
The Hoa Sen Group has always focused on promoting its export activities, proactively approaching and expanding to new markets besides maintaining its business activities in the domestic market. The company’s annual export revenue accounts for 40 per cent of its total revenue.
Its products fully meet the demands of both domestic and international customers as they possess the four key factors that create product competitiveness: international standard quality, reasonable price, fast delivery time, and good after-sales service.
The Group’s exports recorded enormous growth in fiscal year 2014-2015. Export sales reached 407,000 tons with revenue of $314 million, an increase of 10 per cent compared with fiscal year 2013-2014. Its products are present in over 60 countries and territories around the world.
The Hoa Sen Group has continuously strengthened its position as a leading enterprise in manufacturing and trading steel sheets in Vietnam and as the leading exporter of steel sheets in Southeast Asia. It has been among the Top 10 enterprises in the Vietnam Gold Star Award, which honors the most outstanding domestic businesses, in recent years and was Vietnam’s only representative recognized as a Global Growth Company at The World Economic Forum in 2015.
In fiscal year 2015-2016 the Hoa Sen Group will boost its sales in the domestic market, diversify export markets, and constantly raise its profile in the international market. The giant steel manufacturer also aims to become the leading business in supplying construction materials in Southeast Asia in the future.