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Formosa to receive $1 million in compensation

Jul 16th at 15:25
16-07-2014 15:25:37+07:00

Formosa to receive $1 million in compensation

 PetroVietnam Insurance Company (PVI) will advance $1 million of compensation to Taiwanese Formosa Group for its losses in the riots at the Vung Ang Economic Zone in mid-May, according to a meeting between officials of the Ministry of Finance and Ha Tinh province on Monday.

The ministry’s representative pledged to issue satisfactory supportive policies to reassure foreign investors in Ha Tinh.

Finance Minister Dinh Tien Dung said the riots in mid May, in which many foreign factories were demolished by extremists, were unintended incidents. The Ministry of Finance and relevant agencies have taken many support measures to help the affected firms.

Formosa, the most affected firm in Ha Tinh, will be paid in advance $1 million in compensation to implement its projects in Hanoi and central Vietnam at the scheduled pace.

Earlier, representatives of the Ministry of Planning and Investment met with Ha Tinh’s officials and Formosa representatives to explain the additional incentives as well as how to determine damages to quickly compensate the affected firms.

vietnamnet

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