Vietnam’s leading steel maker Hoa Phat Group achieved revenue of VND 34.4 trillion in the third quarter of 2022, down 12% YoY. Its after-tax profit was at negative VND 1.7 trillion, down 117% YoY. In the first 9 months of the year, Hoa Phat Group achieved VND 116.5 trillion in revenue and VND 10.4 trillion in after-tax profit, reaching 76% and 39% of the whole year plan respectively. Steel and related products contribute over 90% of the group's revenue and profit. Hoa Phat said “The above business results were due to weak steel demand in both the country and the world. Meanwhile, raw material prices, especially coal prices are three times higher than normal times. In addition, the credit was tightened, exchange rate and interest rates rose sharply.” Hoa Phat Group produced more than 6 million tons of crude steel in the first 9 months of 2022, equivalent to the same period in 2021. Sales volume of construction steel products, HRC and steel billet reached 5.7 million tonnes, up 3% YoY. Construction steel recorded 3.4 million tonnes after 9-month period, posting 24% YoY increase. Of which the export market contributed more than 1 million tons, equivalent to the whole year of 2021. In the 9 months of 2022, the export market contributed more than 1 million tonnes, equivalent to the whole year of 2021. Hoa Phat Group's market share has been expanded from 32.6% to 36% for construction steel, from 24.7% to 29% for steel pipes and continued to be maintained in the third quarter of 2022.