VIETNAM:Vice Minister of Economic Affairs Shen Jong-chin said the lesson from the incident was that investment abroad requires corporate social responsibility

Taipei Times
Date: Jul 08, 2016
By: Kuo Chia-erh / Staff reporter

Formosa Plastics Group (FPG, 台塑集團) yesterday said it would pay compensation in installments to those affected by its Vietnamese steel unit discharging toxic waste and causing massive fish deaths in April.

The group’s major member companies and investment partners said in separate filings with the Taiwan Stock Exchange that they have agreed to pay the US$500 million compensation offer in two installments, but added that the payment period is still under negotiation with Vietnamese authorities.

The group’s member companies — Formosa Plastics Corp (台灣塑膠), Nan Ya Plastics Corp (南亞塑膠), Formosa Chemicals & Fibre Corp (台塑化纖) and Formosa Petrochemical Corp (台塑石化) — each hold an 11.432 percent stake in Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業).     [FULL  STORY]