Taiwan's Formosa Heavy Industry Group plans to raise its investment capital in its iron and steel complex and Son Duong deep-water port in the Vung Ang Economic Zone from 16 billion USD to 23 billion USD, according to the Ha Tinh Provincial People's Committee.
Vo Kim Cu, chairman of the committee, said the group made the announcement at a meeting with the provincial People's Committee late last week.
The group said it would build its first wharf in 36 months and an iron foundry and steel mill within 48 months.
In the first phase, the iron foundry and steel complex will have a combined output of 7.5 million tonnes a year, while the deep-water port will be able to handle 27-30 million tonnes of cargo.
In the second phase, the iron and steel plant will lift its capacity to 15 million tonnes per year, while the Son Duong deep-water port will have a designed discharge capacity of 55-60 million tonnes per year.
So far this year, the group has invested nearly 200 million USD, including more than 30 million USD in land rental in Ha Tinh.
The Vung Ang Economic Zone's Management Board granted the investment licence for the project's construction in June 2008.
The project will occupy a total area of more than 3,000ha – 1,000ha of which will be in Vung Ang Economic Zone. Ships of 200,000 tonnes to 300,000 tonnes will be able to dock at the port.
The project's first phase has an investment capital of 8 billion USD, 95 percent of which has come from the Formosa group and the remainder from Sunsco Holdings Co.
When completed, the iron and steel plant will be the largest in ASEAN and one of the 15 largest in the world.
The plant's products will include steel ingots, rolled steel, steel rods and finished steel products./.
Vo Kim Cu, chairman of the committee, said the group made the announcement at a meeting with the provincial People's Committee late last week.
The group said it would build its first wharf in 36 months and an iron foundry and steel mill within 48 months.
In the first phase, the iron foundry and steel complex will have a combined output of 7.5 million tonnes a year, while the deep-water port will be able to handle 27-30 million tonnes of cargo.
In the second phase, the iron and steel plant will lift its capacity to 15 million tonnes per year, while the Son Duong deep-water port will have a designed discharge capacity of 55-60 million tonnes per year.
So far this year, the group has invested nearly 200 million USD, including more than 30 million USD in land rental in Ha Tinh.
The Vung Ang Economic Zone's Management Board granted the investment licence for the project's construction in June 2008.
The project will occupy a total area of more than 3,000ha – 1,000ha of which will be in Vung Ang Economic Zone. Ships of 200,000 tonnes to 300,000 tonnes will be able to dock at the port.
The project's first phase has an investment capital of 8 billion USD, 95 percent of which has come from the Formosa group and the remainder from Sunsco Holdings Co.
When completed, the iron and steel plant will be the largest in ASEAN and one of the 15 largest in the world.
The plant's products will include steel ingots, rolled steel, steel rods and finished steel products./.
