The project will create direct jobs for 4,000 locals and 5,000 indirect workers.

Formosa also proposed to build a 500 MW thermo power plant to produce electricity for internal demand. Total area for the petrochemical and oil refinery project is 1,591 hectares. The foreign investor committed that after seven years from obtaining investment certificate, the project will be operational.

Nguyen Thanh Binh, secretary of Ha Tinh provincial Party Committee said that the local governance totally supported Formosa’s investment proposal but they will have to seek government’s approval.

At the meeting, Ngo Quoc Hung general director of Formosa also proposed Ha Tinh governance to hand over 600 hectares of remaining land of Son Duong Steel Refining and Port Project to Formosa Hung Nghiep-Ha Tinh Co. Binh said that USD30 million will be advanced to solve difficulties in compensation, ground clearance and resettlement.