Vietnam Steel Corp. Targets US$1.05Bln Revenues in 2005

Vietnam Steel Corp. Targets US$1.05Bln Revenues in 2005

Vietnam Steel Corp. (VSC), the major steel producer in Vietnam, will strive to achieve total revenues of VND16,417 billion (US$1.05 billion) this year, up 16.3 per cent against 2004, and earn total profits of VND142.66 billion (US$9.08 million) in the year, according to VSC’s General Director Dau Van Hung.

The State-owned corporation also targets total production value of VND5,691 billion (US$362.5 million) and export earnings of US$32.5 million in the year, up 36 per cent and 103.4 per cent on-year, respectively.

It expects to pay VND805.5 billion (US$51.3 million) to the State budget, an on-year increase 50 per cent.

VSC plans to produce 1.3 million tons of laminated steel and 700,000 tons of steel ingots and consume 1.29 tons of laminated steel this year, representing respective growth of 6.4 per cent, 25.8 per cent and 29.7 per cent, on-year.

To fulfill the target, VSC needs to spend VND2,261 billion (US$144 million) implementing on-going projects in 2005, excluding new projects, he said. The corporation carried out 173 projects with the total investment capital of more than VND5,000 billion (US$318.5 million) since 2001.

In 2004, the corporation produced 1.033 million tons of products, accounting for 35 per cent of the country’s total output, including over one million tons of laminated steel, up 20.2 per cent. It also posted a 21 per cent increase in steel ingot output in the year.

VSC also reported its record growth rate over the past 10 years last year with total revenues reaching VND14,100 billion (US$898.2 million), up 38.6 per cent against 2003, including profits of VND218 billion (US$13.88 million), up 1.4 per cent on-year. Industrial production value in the year soared 19.7 per cent on-year to VND4,180 billion (US$266.24 million), while export turnover surged 63.2 per cent to US$15.9 million.

• (Trade, Econet)