Formosa Plastics Group said that the first furnace at its steel manufacturing complex in Vietnam is scheduled to begin operations at the end of 2014.
The group told representative to Vietnam Mr Huang Chih peng that about 52% of the first phase construction of the steel mill has been completed and the project is proceeding smoothly.
Mr Huang visited the construction site with a delegation of more than 50 Taiwanese investors.
The group, which includes Formosa Plastics Corporation, Nan Ya Plastics Corporation, Formosa Chemicals & Fibre Corporation and Formosa Petrochemical Corporation, plans to invest USD 15.2 billion to build the steel production base in Ha Tihn in central Vietnam.
Mr Huang said that when the first furnace comes online in 2014, the Ha Tihn complex is expected to produce between 635 and 726 tonnes of steel a year.
The group said it planned to add one new furnace a year. Aside from steel production, the group is working on the transportation infrastructure for delivery of its steel products. It is also building a workers' dormitory, which is expected to be finished at the end of June.
Mr Huang said the FPG investment represents a milestone for Vietnam's steel industry and should boost the country's finances. He added that the FPG project is one of the largest foreign investment deals in Vietnam and the Vietnamese authorities value it highly.
The group, which has launched a hiring and training program in Vietnam, said it aimed to hire about 7,000 workers for the Ha Tinh production base.
Source - Taipei Times