Formosa Ha Tinh Seeks to Raise Investment after Environmental Disaster

Tuan Minh

14:56 16/03/2017

BizLIVE - Taiwan-invested Formosa Ha Tinh Company is seeking to lift its investment in a steel complex to meet environmental requirements.

Formosa Ha Tinh Seeks to Raise Investment after Environmental Disaster

A panoramic view of FHS site. Photo: Internet

Formosa Ha Tinh Steel Company (FHS), the Vietnam subsidiary of Taiwan’s Formosa Plastics Group, has asked the local government for permission to increase its total investment in a steel complex in the central province of Ha Tinh, in a bid to reinforce waste treatment facilities.
FHS plans to add another $346.3 million to the steel and deep-water seaport project complex in the province to bring the total investment to $11.03 billion.
The additional capital will be used to strengthen waste management and build environmental protection facilities at its steel mill, a toxic leak from which caused one of the worst marine disasters in the country’s modern history last year.
According to a local government report, FHS has disbursed 94.37% of its investment so far in the first phase that has a cost of $10.69 billion, making it the largest foreign-invested project to date.
According to the Giao Thong (Transport) magazine, the Taiwanese companies have fixed 51 out of 53 violations that the Ministry of Natural Resources and Environment pointed out after the disaster took place in April 2016.
The steel mill is expected to come into operation in the second quarter of this year, the Liberated Saigon newspaper reported.
Dozens of tons of fish and maritime species were reported to wash ashore along the coast of four central provinces in Vietnam following the toxic discharge last year, causing thousands of fishermen jobless. Formosa paid $500 million to the Vietnamese government in compensation for the damage.


Từ khóa: Formosa, Ha Tinh