Formosa Group (Taiwan) has proposed to raise the capital in the steel project in Vung Ang Economic Zone, Ha Tinh to $28.5 billion. If the proposal is ratified, Formosa Ha Tinh will be the largest FDI project in Vietnam, surpassing the oil refinery project in Binh Dinh province.

The first phase of the project was kicked off in late 2012, with a total initial investment of U$9.9 billion. According to original proposal, the Formosa project consists of a steel factory with an annual capacity of 22 million tons a year, a deep-water seaport for ships of up to 300,000 tons and a 2,100 MW power plant. Once it is completed, this will be the largest steel complex in Southeast Asia.

Formosa committed to complete the first phase of construction, with three blast furnaces and a capacity of 10.5 million tons of steel a year by 2015.

By May 20, Ha Tinh attracted 48 foreign-invested projects with total registered capital of over $10.5 billion. If Formosa’s proposal is approved, Ha Tinh may exceed Binh Duong in drawing foreign investment.