Over US$7 billion invested in Vung Ang economic zone

The General Director of Chinese Formosa Group, Ngo Quoc Hung, has stated that the group will raised its investment in the Vung Ang Economic Zone from US$16 billion to US$23 billion.

Mr Hung made the pledge at a meeting with the Chairman of the Ha Tinh provincial People’s Committee, Vo Kim Cu while he was on a fact-finding tour of the Son Duong Complex which includes an iron foundry, a steel mill and a deep-water port on August 4-5.

After preparing the ground, the group will build its first wharf in 36 months and an iron foundry and steel mill in 48 months.

In the first phase, the iron foundry and steel mill will have a combined output of 7.5 million tonnes a year and Son Duong deep-water port will be able to handle 27-30 million tonnes of cargo.

Mr Hung said that the group will carry out the project in line with its commitments to the Vietnamese Government and Ha Tinh province. Initially, the group will invest nearly US$200 million, including more than US$3 million to Ha Tinh for land rental.

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