A project to build a steel complex and a deep water port in central Ha Tinh province by Taiwanese Formosa group has been granted an investment license, becoming the largest FDI project ever in Viet Nam with total investment capital for the first phase estimated to exceed US$7.8 billion.
The Taiwanese Formosa heavy industrial group’s project to build a steel complex and a deep water port in Vung Anh Economic Zone in Ha Tinh has been granted an investment certificate, confirmed by Mr. Ho Anh Tuan, deputy standing head of the Managing Board of Vung Anh Economic Zone.
Under Formosa’s plan submitted to the Prime Minister, a 1,500 hectare port named Son Duong worth over US$619 million and a 2,000-hectare steel complex with the designed capacity of 7.5 tonnes per year will be built in the first phase.
Total investment capital for the steel complex and the deep water port in both the first and second phases will be over $16.2 billion. In the second phase, the operation scale of the port will be improved to ensure a discharge capacity of between 55-60 tonnes a year and the annual capacity of the steel complex 15 million tones.
The Viet Nam Steel Association has recently predicted an adequate supply of steel in the country until mid quarter 3.
The Association pointed out that the total volume of steel of all kinds that has been imported to the country since the beginning of the year is some 450,000 tonnes, an increase of 150 percent over the same period of the previous year, and the total volume of imported steel billets 1.8 million tones worth over $1.2 billion.