VietNamNet Bridge - Taiwanese Formosa was welcomed warmly when it arrived in Vietnam 15 years ago as a major foreign investor with multi-billion dollar projects. But it has been involved in many scandals. In July 2008, Formosa decided to pour money into Formosa Ha Tinh, a steel complex in the Vung Ang Economic Zone. The project covers an area of 3,300 hectares, including the sea surface area (Son Duong Port), with the land lease for 70 years. Nine shareholders contribute capital to Formosa Ha Tinh, seven of which are subsidiaries of Formosa Group, holding 95 percent of stakes. The steel mill, capitalized at $10 billion a year, is expected to have production capacity of 7 million tons of ingot steel in the first phase. Taiwanese Formosa was welcomed warmly when it arrived in Vietnam 15 years ago as a major foreign investor with multi-billion dollar projects. But it has been involved in many scandals. The Vung Ang 1 Economic Zone with the Son Duong deep-water port is a reasonable place … [Read more...] about What is Formosa doing in Vietnam?
VietNamNet Bridge – Hung Nghiep Formosa Ha Tinh Steel Ltd. has accepted its responsibility for causing the recent environmental disasters in the central Vietnam, which caused mass fish deaths in at least four provinces. Formosa also made five commitments, including $500 million of compensation. It was the official information released at a government press conference in Hanoi this afternoon. The press conference attracted public attention since it released the long-awaited official causes of mass fish deaths in the central coastal provinces of Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue. The abnormal incident began in April 6 near the Vung Ang Industrial Park in Ky Anh District, Ha Tinh Province, then expanding to the other provinces. A total of 70 tons of fish living far offshore and in the deep were found dead on beaches of the four provinces. In Thua Thien Hue alone, 35 tons of fish raised by farmers died mysteriously. The incident was allegedly caused by untreated … [Read more...] about Taiwanese group to pay $500mil. compensation for mass fish deaths in central Vietnam
Tran Dinh Thuyen, a spokesman for the the Ha Tinh Party Unit, told Thanh Nien News on July 19 that the order was made following public outcry over the provincial government's acceptance of Formosa's request to build the shrine after a deadly anti-China riot left three Chinese workers dead and 149 others, both Chinese and Vietnamese, injured on May 14. China's deployment of a giant US$-1billion oil rig into Vietnamese waters on May 2 triggered peaceful anti-China protests that erupted into violence in central and southern Vietnam two weeks later. Rioters torched, looted and vandalized hundreds of foreign-owned factories. The violence racked up millions of dollars in losses and claimed the lives of three Chinese nationals. Taiwanese businesses, mistaken for being Chinese, suffered most. Taipei claims at least 200 factories were looted or burned down in the riots. Around 3,000 Chinese workers subsequently fled Vietnam. Two months after the riot, Formosa submitted an "unprecedented" … [Read more...] about Vietnam officials scrap shrine construction at site of deadly riot
Police in the north-central province of Ha Tinh arrested three workers at a Taiwanese steel mill, Tuesday, for allegedly stealing property from a warehouse during a violent brawl at a construction site, VnExpress reported. The suspects, Nguyen Dinh Nga, 34, Nguyen Trong Anh, 37, and Luu Dinh Hoai, 29, were allegedly caught with five laptops, a washing machine and a camera they allegedly stole from the site of a future steel mill. Police have charged the trio with looting a warehouse during a brawl that left two Chinese workers dead and 149 others, both Vietnamese and Chinese, injured, on May 14. The violence erupted after construction workers at the site of a future steel mill owned by Taiwanese Formosa Plastics Group in Vung Ang Economic Zone peacefully protested China's recent positioning of an oil rig in Vietnamese waters. About 5,000 Vietnamese and 1,000 Chinese workers joined the brawl, after a rumor reportedly spread through the crowd that a Vietnamese worker had been beaten … [Read more...] about 3 more arrested for looting at Taiwanese steel mill in Vietnam
Formosa Taffeta Co. of Taiwan has decided to invest an additional US$15 million to expand its operations in Vietnam, taking its total investment in the country to $79 million. The additional investment is reportedly meant for buying 320 high-end weaving machines to turn out value-added taffeta products in Vietnam. Formosa now has about 700 machines at its plants in Vietnam, which generate about 7.5 million yards of taffeta and one million yards of ordinary cloth per month, with the latter meant mainly for making trousers. Formosa Taffeta is one of the world's leading taffeta cloth manufacturers with production bases in Taiwan, Vietnam, and China. Source: CENS … [Read more...] about Taiwan taffeta maker to invest more in Vietnam