Vietnam Gives Preferential Tax to US$7.9-Bln Steel-Seaport Project

The Vietnamese prime minister has agreed to give preferential tax to the US$7.9-billion Son Duong Formosa steel-port complex project in central Ha Tinh province’s Vung Ang Economic Zone.

 

Accordingly, US$7.9-billion Son Duong Formosa steel-port complex project by Hung Nghiep Formosa-Ha Tinh Steel Co. Ltd will enjoy the preferential 10 per cent corporate income tax under conditions as follows: the investor has to pledge to strictly follow regulations written in the investment certificate.

 

The Son Duong Formosa steel-port complex project, invested by Taiwan’s Formosa Heavy Industries Corp., was kicked off in July this year.

 

In the first phase, costing roughly US$8 billion, the Taiwanese investor will build an iron and steel plant with an annual capital of 7.5 million tons and a deep-water seaport of 30 million tons per year.

 

In the second phase, Formosa will double the iron and steel plant’s capacity to 15 million tons per year and increase the port’s annual capacity to 60 million tons to enable it to receive ships of 200,000-300,000 tons. (chinhphu.vn, vietstock.com.vn)