Formosa Eyes US$17 Bln Steel, Port Complex in Central Vietnam

Taiwanese Formosa Heavy Industrial Group has just worked with central Ha Tinh province’s authorities on its plan to build a steel and deep water seaport complex worth US$17 billion, state media reported April 18.

 

If the project is approved, the Taiwanese firm will develop the Son Duong steel and deep water seaport complex in two phases with the first worth US$7.26 billion, which is scheduled for completion by 2011, the local Investment newspaper cited the provincial People’s Committee.

 

In this stage, the company will build a rolled steel factory and two smelting furnaces to serve automobile and shipbuilding industries. It will also construct a deep water port with an investment capital of US$720 million.

The local People’s Committee, however, said that the group has not yet been made available about the second phase of the project.

 

Formosa is now completing procedures to submit the government of Vietnam for approval. If the work is licensed this month, Formosa will start the construction this June. (Investment)