Steel maker Hòa Phát has signed a contract to sell 120,000 tonnes of steel billets, worth over VNĐ1 trillion (nearly US$43 million), to China’s firm Hangzhou CIEC Group Co Ltd.

It is the largest order ever received by Hòa Phát.

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

The steel is being produced at the Hòa Phát Dung Quất Steel Complex in the central province of Quảng Ngãi.

Hòa Phát 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 per cent 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 per cent, or over 200,000 tonnes, of the volume.

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