Taiwan's Formosa to Build Seaport, Steel Complex in Central Vietnam
Taiwanese Formosa Heavy Industrial Group has recently received the green light from the Vietnamese government to build a deep water seaport and a steel complex in central Ha Tinh province, the Vietnamese News Agency reported.
Fomorsa plans to invest US$1.3 billion to build 12 quays, dyke seaports designed to accommodate 200,000-ton ships and handle 55.55 million tons of cargo a year, VNA added.
Formosa said it is seeking measures to build a steel complex using local minerals to produce 15 million tons of steel ingot, rolled steel and other steel products a year.
However, investment information for the steel complex is not available at the moment.
The Taiwanese group hopes to kick off construction of the steel plant in mid-2008 and start operation late 2011, VNA cited a news source from Formosa as saying.
As of late 2007, Taiwanese businesses invested in 1,788 projects valued at US$10.5 billion in Vietnam, including US$3.07 billion disbursed, ranking 3rd in terms of registered investment capital among countries and territories investing in Vietnam. (VNA, VIR)
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