FPG confirms Vietnam steel firm operations postponed

Taiwan News
Date: 2016-06-15
By: Central News Agency

The Formosa Plastics Group (FPG), one of Taiwan’s leading conglomerates, confirmed Wednesday that a scheduled operating date for its steel mill in Vietnam has been postponed and said that no new schedule for the start of operations has been set.

Chang Fu-ning, vice president of Formosa Ha Tinh Steel Corp., said that the No. 1 furnace of the steel complex, which is located in the Vung Ang Economic Zone in Ha Tinh Province, central Vietnam, will not become operational on June 25 as scheduled.

The confirmation came after a Taiwanese media report that FPG has been forced to postpone the start of operations of the furnace in the steel mill, as the Vietnamese authorities have demanded that the group pay US$70 million in taxes it has been accused of having failed to pay.     [FULL  STORY]

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