Formosa Gets PM Approval for US$7.8 Bln Steel, Port Complex
The Vietnamese prime minister has given a nod to Taiwanese Formosa Heavy Industrial Group to invest US$7.8 billion into developing the first phase of a steel and port complex in central Ha Tinh province, the Investment newspaper said on June 13.
In this stage, the group will build a steel plant with the annual designed capacity of 7.5 million tons and Son Duong port capable of serving 30 million tons of cargo per year.
The total area for the phase is 4,448 hectares, including 2,248 hectares for the steel factory. The construction is slated for completion after 37 months, said the newspaper.
In the second stage, Formosa will double the steel factory’s capacity to 15 million tons and construct an electricity plant and an urban area in the complex. However, the capital in this phase has not yet been made available at the moment.
According to a source from the Vung Ang Economic Zone, where the complex is located, the Taiwanese firm group is likely to receive investment certificates soon for the construction scheduled 28 this month. (Investment)
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