Steel maker Hoa Phat has signed a contract to sell 120,000 tonnes of steel billets, worth over VND1 trillion (nearly US$43 million), to China’s firm Hangzhou CIEC Group Co., Ltd.

It is the largest order ever received by Hoa Phat.

The order will be fulfilled with multiple deliveries between July and the end of August.

The volume of steel are being produced at the Hoa Phat Dung Quat Steel Complex in the central province of Quang Ngai.

Hoa Phat Group has been enjoying surges in steel exports in recent years. The company shipped abroad about 195,000 tonnes of steel billets in 2019, 97.4% of which were to China.

In the first four months of this year, it exported close to half a million tonnes of the steel billets to China and ASEAN countries. Chinese importers accounted for 43%, or over 200,000 tonnes, of the volume.

Last year, Hangzhou CIEC Group ordered more than 100,000 tonnes of steel billets from Hoa Phat.