The construction will be implemented within 36 months from the handover of the land. Once these two projects come into operation, they will contribute VND6 trillion ($280.86 million) per year to the province’s budget and generate 120,000 jobs.

The province is investing in the seaport and large-scale projects, which are important motivations to foster the province’s socioeconomic growth.

“The province will establish a task force to follow the projects and support the investor during the implementation process. Besides this, the province will assign the departments and relevant authorities to support and create favourable conditions for investors to conduct field surveys,” said Tran Huu The, Chairman of Phu Yen People’s Committee. “The investor’s project will have to be suitable with the planning and ensure the safety for the environment.”

On June 20, Hoa Phat shares were traded at VND21,600 (nearly $1) apiece, down nearly 58 per cent and 62.1 per cent compared to the peak of VND52,500 ($2.28) in March 2022 and October 2021.

Tran Dinh Long, chairman of Hoa Phat Group owns 1.16 billion shares, thus, his asset also dropped by more than a half compared to VND68.1 trillion ($9.6 billion) in October last year.

The key operation of Hoa Phat is steel. According to statistics of the Vietnam Steel Association, currently, Hoa Phat’s construction steel market share accounts for nearly 36 per cent of the total market output. The group's market share has only reached one million tonnes in the first four months, accounting for 40 per cent of the market share just behind Formosa Ha Tinh (1.5 million tonnes).

In 2021, Hoa Phat’s profit after tax was VND37 trillion ($1.6 billion), exceeding 92 per cent of the plan.

This year, the group sets an expected revenue of VND160 trillion ($6.95 billion); however, profit after tax will likely be in the range of up to VND30 trillion ($1.3 billion), down from last year.