Taiwan’s Formosa wins $8b port contract

The Ha Tinh People’s Committee has granted the Taiwanese Formosa group a licence to build a steel complex and a deep-water port in the province in what will be the largest FDI project by investment in the country.

The Ha Tinh People’s Committee has granted the Taiwanese Formosa group a licence to build a steel complex and a deep-water port in the province in what will be the largest FDI project by investment in the country.

To be built in the Vung Ang Economic Zone, 400km south of Ha Noi, it will involve an investment of US$7.88 billion in the first stage alone. The overall investment will exceed $16.2 billion.

Formosa has reported to the Government that in the first stage it will develop the port on 1,500ha and a 7.5 million tonnes per year steel complex on 2,000ha.

When the second phase is completed, the port’s handling capacity will be 55 to 60 million tonnes, while the steel complex can produce 15 million tonnes per annum.

Ho Anh Tuan, deputy chief of the Vung An Economic Zone’s management board, said work on the project is scheduled to start next month.

Formosa has also leased 300ha in Nhon Trach Industrial Park No. 3 in the southern province of Dong Nai to set up a polyester fibre factory, a yarn-spinning facility and a thermal power plant.

It has so far invested around $1 billion in the country.

(Source: VNS)