Vietnamese steelmaker Hoa Phat appoints Nguyen Viet Thang as CEO for a 5-year term on Monday. He will replace Tran Tuan Duong.
Thang has been with the Hoa Phat group for 18 years and formerly held the position of deputy general director. He will also remain the director of Hoa Phat Hai Duong Steel Jsc, a subsidiary company and chart plans for the group’s real estate and maritime businesses.
The outgoing CEO Duong is appointed vice-chairman of the board of directors. He remains the president and general director of the Hoa Phat Iron and Steel Jsc and will continue to lead the group’s steel production and distribution segment.
Thang’s appointment is part of the ongoing restructuring process with the group to pass on the leadership to the next generation. Hoa Phat had announced a new business model early this year which focuses on four major business segments including iron and steel and steel consumer products.
For FY2021, Hoa Phat group targets revenues of $5.2bn and net profit of around $784mn, up 33pc from 2020.
Last week, the company decided to invest VND85 trillion ($3.69bn) for the Dung Quat 2 plant which will be constructed in a period of three years and will start operations in 2024. The announcement was made at the company’s annual meet on April 22.
The project cover around 280hectares areas in Binh Dong and Binh Thuan, Binh Son district, in Quang Ngai province. The plant will have an installed annual capacity of 5.6mn mt, with 4.6mn mt HRC and 1mn mt steel bar and wire capacity.