Once the project starts operations, it will employ up to 9,000 workers and churn out a wide range of products such as benzene, gasoline, ethylene and propylene.
The project has received the government’s in principle approval,” said a senior Ha Tinh Investment Promotion Centre official.
At first, Formosa came to Vung Ang Economic Zone to invest in steel complex and port projects worth $7.9 billion during the first stage of construction. However, after learning that the zone has great potential for petro-chemical development projects, the company proposed local authorities for permission to execute a petro-chemical project on 1,600 hectares of land.
The Vung Ang Economic Zone management board said it would grant an investment license to the investor only when it invested in constructing the Son Duong deepwater port. This would help boost the province’s economic development as it could accommodate vessels between 200,000-400,000 dead weight tones and was located on the north-south traffic axis.
Formosa will use modern technology and equipment for the project, with environmental protection a priority, according to Vung Ang Economic Zone management board.
