Formosa Plastics Group (台塑集團), the nation’s largest industrial conglomerate, said it would today fire up the second blast furnace at its Vietnamese venture, Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業), marking the completion of the first phase of its construction of the steel mill.
The blast furnace was approved by the Vietnamese authorities last week, the group said in a statement yesterday.
The first furnace began production last year.
The firm forecast its Vietnamese unit would generate US$2.5 billion in revenue this year, with an expected sales volume of 4.65 million tonnes of steel products.
That would translate into about 1.27 percent of Vietnam’s GDP this year, up from 0.45 percent last year, the group said.
The investment by Formosa Ha Tinh Steel is the largest foreign direct investment in Vietnam and also the biggest integrated steel mill in Southeast Asia, the group said.
The steel mill produced 1.6 million tonnes of steel last year and sold 1.37 million tonnes, the group said.
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FORECAST EXCEEDED: China’s curbs on some Taiwanese goods are unlikely to affect trade given inter-reliance in the electronics industries, a finance ministry official said Exports last month spiked 14.2 percent to US$43.32 billion, the second-highest increase on record and the 25th consecutive month of gains, driven by global demand for electronics used in high-performance computing and vehicles, the Ministry of Finance said yesterday. The ministry expects the trend to sustain this month and beyond, although the pace could slow due to inventory corrections for laptops, smartphones and other consumer electronics. “The July results proved stronger than expected despite rising fears over economic uncertainty,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said, adding that a high sales season in the West and stabilized COVID-19 infections in China