Vietnam Prime Minister Allocates $500 million Reparation from Formosa

Truong Ky

15:32 01/07/2016


Prime Minister Nguyen Xuan Phuc has allocated the use of $500 million from Formosa Ha Tinh Steel Corp. to relieve the polluted coastal provinces after the waste discharge disaster.

Vietnam Prime Minister Allocates $500 million Reparation from Formosa

PM Nguyen Xuan Phuc at the online conference. Photo credit: Prime Minister’s webpage

PM Nguyen Xuan Phuc has appointed the Ministry of Agriculture and Rural Development, Ministry of Commerce, Ministry of Planning and Investment, and Ministry of Resources and Environment to devise detailed plans for relieve efforts and present to him by end of July.

The first item on his agenda is to provide long-term sustainability for fishermen along the affected areas. A portion of the money will be used to invest in future deep sea fishing operations and to subsidize fishermen with only 1%-1,5% interest rates when buying fishing boats.

The PM’s next item in order is to establish an Environment Reservation Fund to repair the damages to marine species in affected provinces. He also demanded FHS not to further damage the environment in the future. PM Nguyen Xuan Phuc emphasized that the importance of sustainability and environment protection cannot be overlooked in developing the economy.

FHS has admitted to having caused the disaster three months ago. Leaders of FHS have committed to pay $500 million to Vietnamese government immediately, and will use most of this sum to support local citizens in regions devastated by massive fish deaths.