Taiwanese company invests over US$10 billion in Vung Ang EZ

Formosa Hung Nghiep Ha Tinh Steel Company (FHS) belonging to Taiwanese Formosa Group said it had invested over US$10 billion in the first phase of the steel complex and Son Duong Formosa deep seaport project at Vung Ang Economic Zone, Ky Anh district, the north central province of Ha Tinh.
The project which broke ground in July 2008 is speeding up progress.
By the end of last year, FHS’s steel rolling mill put its blast-furnace No.1 into operation with the capacity of 350,000 tons a year.
The first hot rolled steel batch came out of oven successfully on December 25, marking the debut of this product, the most important item of the steel industry, in Vietnam.
Previously, the fist heat engine of Formosa thermal power plant with the total capacity of 650MW started operation supplying and selling electricity to FHS Company and Vietnam Electricity on September 17.
The company is now building 11 wharfs that can receive vessels of 50,000-200,000 tons. Their capacity will reach 28 million tons of cargo a year in the first phase.
The second phase will permit vessels of 300,000-500,000 to dock at and lift the capacity to 84 million tons a year, making the wharf group the first or second largest port in Southeast Asia.

By Duong Quang – Translated by Hai Mien

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