Vietnamese steelmaker Hoa Phat launched operations at a steel pipe factory in Tay Ninh province after completing equipment upgrades, the company said March 5.

Hoa Phat said it invested Dong 2.60 trillion ($99.2 million) in the plant, which will help the company meet growing demand from Vietnam’s southern region while opening up export opportunities.

The plant has a capacity of 400,000 metric tons/year, bringing Hoa Phat’s total steel pipe production capacity to 1.2 million mt/y, according to the company.

The factory also has a 10 MW rooftop solar power system that meets more than half of the site’s electricity needs, Hoa Phat said.

Hoa Phat said it is the leading supplier of steel pipes in Vietnam with a 31.2% market share.

Vietnam ranked as the world’s 11th-largest steel producer in 2024 with an output of 22 million mt, although it remains a net importer of steel, according to World Steel Association data.