Formosa Plastics Group, one of Taiwanââ‚¬â„¢s largest industrial conglomerates, said Monday it plans a stainless steel plant in Vietnam, with local media citing a budget of over US$3 billion.
The plant will be part of a steel mill complex that the conglomerate intends to build in the central Vietnamese province of Ha Tinh, a group official told AFP.
The official said a timetable of the construction of the stainless steel plant had not been finalized, and declined to disclose further details.
The Taipei-based Economic Daily News reported Monday the plant will cost the group 100 billion Taiwan dollars (US$3.1 billion).
The newspaper said the planned stainless steel plant is expected to roll out two million metric tons a year.
Earlier this year, the group, whose interests range from petrochemicals to semiconductors, said it planned a stainless steel plant in Fujian province in southeast China with an annual capacity of one million metric tons.