Taiwan’s Formosa permitted to recruit nearly 3,000 foreign workers

The People's Committee in the central province of Ha Tinh September 5 permitted nine contractors of Formosa steel mill project to recruit 2,976 foreign workers. The permission was made at a document signed by the committee's deputy chairman Nguyen Thien. According to the document, the foreign workers will be recruited for construction Formosa steel complex and Son Duong deep-seaport. The project is being carried out by Hung Nghiep Formosa Ha Tinh Steel Company, a subsidiary of the Taiwanese … [Read more...]

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Formosa still committed to US$10bln steel plant

Formosa Plastics Group, the largest industrial conglomerate in Taiwan, still remains committed to the construction of the mammoth integrated steel mill in Vietnam, despite the Vietnamese government's rejection of a special economic zone designation for the project. Dong Nai courts Thai investment IBM helps Dong Nai enhance IT skills US firm expands Dong Nai factory The Taiwanese firm is now the largest foreign investor in Vietnam in terms of the investment capital, based on its US$10 billion … [Read more...]

Posco E&C wins contract to construct steel factory

HA NOI (VNS)— Posco Engineering&Construction Co, the construction arm of South Korea's largest steelmaker, Posco, has beat 10 other contractors to secure the US$302 million deal to build the Formosa Raw Material Handling Yard in Viet Nam. Under the contract with Formosa Ha Tinh Steel Corp, an affiliate of Viet Nam's Formosa Group, Posco E&C will build the facility in a steel complex in central Ha Tinh Province. Construction on the project, which will have an annual production … [Read more...]

BUSINESS IN BRIEF 20/12

Ministry urges companies to quicken disbursement The Ministry of Construction (MoC) has given warning to companies that have been slow in disbursing funds for public investment projects. In 2012, the MoC received VND1.821 trillion (USD86 million) from state budget for development projects. The money was provided for 23 projects in which the MoC are investors in five projects with investment of VND1.650 trillion. The MoC reported as of November 30, only VND735.172 billion has been disbursed, … [Read more...]

FPG begins constructing steel mill in Vietnam

Construction began Sunday on a blast furnace that will be part of a steel mill complex built with investment by Formosa Ha Tinh Steel Corp., a Formosa Plastics Group (FPG) steel venture in Vietnam. FPG president William Wong said that in the primary stage of construction, the company expects to hire around 10,000 Vietnamese workers. The complex is aimed at turning Ha Tinhi, a province on the country's north central coast, into a key industrial city. Vietnamese Prime Minister Nguyen Tan Dung … [Read more...]

BUSINESS IN BRIEF 4/4

VCB to make $1b bond issue Vietcombank (VCB) will issue up to US$1 billion in bonds on overseas markets this year in order to facilitate the bank's foreign currency operations, Vietcombank general director Nguyen Phuoc Thanh accounced at the bank's shareholders' meeting yesterday in Ha Noi. Thanh said foreign exchange operations played an important role in Vietcombank's business, with foreign currency deposits currently accounting for about 30 per cent of the lender's total deposits. Foreign … [Read more...]

Untapped region to show best side

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Six northern central provinces will join hands to hold an investment promotion conference on October 17 to woo foreign investors to this untapped region. The provinces include Nghe An, Thanh Hoa, Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue. The conference, supported by the Ministry of Planning and Investment (MPI), will offer investors an insight into potential as well as opportunities in the north-central region. "We expect investors will have a comprehensive view about the region and … [Read more...]

Steel giant heads abroad for forex

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Formosa Ha Tinh Steel Corp has set its sights on increasing exports as a way of maintaining its much-needed foreign exchange balance. illustration photo The move follows the Vietnamese government's thumbs down on the company's requests for a mechanism that would see its dong earnings converted into forex. Last year, the Taiwanese investor made a concerted push to obtain foreign exchange balance support from Vietnamese authorities. The company needs to guarantee it has enough capital to … [Read more...]

Formosa’s FX fears

Taiwan's Formosa is seeking Vietnamese authorities' support to mobilise foreign currency to run its giant steel complex in central Vietnam. According to Chu Xuan Pham, representative of the Formosa Ha Tinh Steel Corp. (FHS), the Taiwanese firm would need $2.8 billion a year to import iron ore, coke coal and other materials for its Vung Ang Industrial Park-based steel plant in Ha Tinh province, to produce 7.5 million tonnes of steel in the first phase of operation. The first phase, which has … [Read more...]

Steel glut fears more acute

A $16 billion steel project in Ha Tinh province plans to raise its capacity despite the country's looming glut of steel projects. Chu Chun Fan, representative of Formosa Plastics Group (FPG) in Hanoi, told VIR that the company was studying to raise its project's annual output capacity project to 22 million tonnes of steel from 15 million tonnes. "We will not require more land. The capacity adjustment is implemented with appropriately layout of manufacturing facilities inside the current … [Read more...]

Taiwan’s top steel maker mulls stake in FPG Vietnam investment

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China Steel Corp., the largest steel maker in Taiwan, said Monday that it is studying the feasibility of taking a stake in a Formosa Plastics Group's (FPG's) investment in Vietnam. "We are considering the possibility of investing in FPG's steel plant (to be built) in Vietnam's Ha Tinh Province, " China Steel Executive Vice President L.M. Chung said. "We are looking into whether and how the investment will boost shareholders' value and make China Steel more profitable, " Chung added. Local … [Read more...]

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 … [Read more...]

US$9.8-billion steel project off ground

The company is a 74:26 joint venture between Maju Stabil Sdn. Bhd, a unit of Malaysia's Lion Group, and Vietnam Shipbuilding Industry Group (Vinashin). The Cana Steel Complex will be built on a 1,650-hectare area in Phuoc Diem Hamlet, Ninh Phuoc District over a period from 2008 to 2025 classified into four phases, according to the company. The steel mill's capacity will be 14.42 million tons of steel per year. But in the first phase, which will be put into operation after 2011, the capacity … [Read more...]

FDI inflow likely to hit US$60 billion this year

The licensing of a huge steel complex worth US$9.8 billion in Ninh Thuan Province on Friday gave a strong spur to the FDI inflow, which stood at US$47.15 billion in the first eight months. The National Center for Socio-economic Information and Forecast (NCSIF) in the middle of this month forecasted that the FDI inflow in Vietnam would likely exceed US$50 billion in 2008, more than doubling last year's amount of US$ 20.3 billion, which was then also a record. There are concerns among experts, … [Read more...]

US$9.8-billion steel mill project gets license today

The provincial government awards the investment certificate to Vinashin-Lion Steel JV Limited, which is a joint venture between Maju Stabil Sdn. Bhd, a unit of Malaysia's Lion Group, and Vietnam Shipbuilding Industry Group (Vinashin). The foreign partner holds a 74% stake and Vinashin the remaining 26%. The two partners will spend around US$9.8 billion for the project covering 1,650 hectares in Minh Phuoc District in the central coast province. The steel complex, to be developed in four … [Read more...]

Formosa Mulls US$12 Bln Steel Complex in Central Vietnam

Taiwan's Formosa Heavy Industry group said it is seeking Vietnamese government's permission to build a two-phase steel complex costing US$12 billion in the central Ha Tinh province, Investment newspaper reported Friday. Formosa will develop the facility on an area of 2,000 hectares with 100 per cent foreign investment, said the source, adding that Formosa will contribute 95 per cent and Sunsteel Corp will provide the remaining. They will submit their pre-feasibility study for the complex this … [Read more...]

Steel sector wants longer protectionism

Steel products are in stock at a steel enterprise in the southern province of Ba Ria-Vung Tau - PHOTO: VAN NAM

Le Hoang This is what members of the Vietnam Steel Association (VSA) want, general secretary Chu Duc Khai told a seminar on opportunities in 2015 and 2016 in HCMC last week. … [Read more...]

Taiwanese enterprise must comply with Vietnam Law

Saigon Giai Phong Newspaper yesterday recorded opinions from some National Assembly (NA) delegates on construction of a temple in Vung Ang Economic Zone by the Taiwan-invested Hung Nghiep Formosa Ha Tinh Steel Company, which have raised public disagreement. The company on June 4 sent a document to authorized agencies in the north central province of Ha Tinh asking for building a temple to worship souls of the dead in Formosa steel mill project area, whose graves have been lost. The province … [Read more...]

Ha Tinh urged to ensure security for businesses in Vung Ang EZ

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General Quang visits Vung Ang EZ. (Credit: baohatinh.vn) … [Read more...]

Formosa Ha Tinh supported to recover business production

Formosa representatives receive insurance compensation advance. (Credit: vnexpress.net)

Nhan Dan - Insurance enterprises on July 19 began advance compensation payments worth US$1 million to the Taiwan-invested Hung Nghiep Formosa Ha Tinh Steel Company, one of the businesses hit by recent disturbances in central Ha Tinh province. >> Advance compensation paid for affected firms in Dong Nai>> Damaged businesses in Binh Duong receive insurance money An initial VND 6 billion (US$282,000) was handed over to Formosa representatives on Saturday, while the remainder would be paid in a few … [Read more...]