Formosa Ha Tinh Steel Corporation (FHS) received investment certificate on 12/June/2008, Son Duong port and integrated steel mill is currently the foreign direct investment (FDI) project on largest scale in Vietnam. Investing plan at Vung Ang economic zone in Ha Tinh Province – the area has a special difficult socio-economic condition – is to begin construction of Son Duong international deep-water port which has the capacity to provide space for vessels with 200 thousants tonnes and operate consistently with integrated steel mill and cogeneration power plant. The labor needed from related enterprises when the fatory came into operation was up to 100 thousants people. This project has created necessary transportation, economic and power infrastructures in Vietnam and will contribute to make Vung Ang economic zone the biggest heavy industrial center in SouthEast Asia.
The project has mark the first turning-point participating in iron and steel industry of Formosa Group. The project will include 4 phases, the first one will plan to produce raw steel and consume many types of steel like: hot-rolled band, hot-rolled coil, bar or wire rod.
Southeast Asia has become the area with the highest growth rate in steel consumption, and will be the target market of FHS in the first phase. Currently, countries in Southest Asia have a significant development in industrialization and urbanization that increase the iron and steel products demand. As Vietnam does not have large scale blast furnace , the crude steel manufacturing capability does not meet the market demand that lead to a dependence on imported materials. FHS takes full advantage of local tax policies and receives Preferential duty from the countries belonging to the ASEAN Free Trade Area. Overall, FHS in the future will be the biggest integrated steel mill in Southeast Asia.
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