10:08 | 06/02/2017 Companies
The Vietnam Steel Corporation (VnSteel) aims to earn consolidated revenue of VND18.8 trillion (US$835.5 million) in 2017, an increase of VND800 billion from 2016.
It will produce around 2.4 million tonnes of steel billets this year, up 17 percent from 2016, VnSteel has announced.
To accomplish these goals, VnSteel will work on improving its business efficiency via improved market forecast analysis, corporate governance and supervision as well as close monitoring of activities, senior company leaders said.
The corporation will also focus on enhancing the quality of its human resources, practicing thrift and strive to prevent corruption, under the direction the Ministry of Industry and Trade and the prime minister.
VnSteel has suggested that the Government issue policies and measures to control the import of steel products that the domestic steel industry is able to produce, particularly the massive import of cheap Chinese steel; and fight anti-commercial fraud that is damaging to domestic producers.
In 2016, VnSteel produced around two million tonnes of steel billets and met its target, which was also a year-on-year increase of 24 percent.
The production and utilisation of construction steel crossed three million tonnes, approximately 105 percent of the estimate. It accounts for 39 percent of the domestic market share.