The steel project is considered one of Viet Nam's biggest foreign funded projects with the registered investment capital of nearly US$10 billion. The project is now under construction and is expected to begin operations in 2015. — Photo baodautu

HA NOI (Biz Hub) — Taiwan's Hung Nghiep Formosa Ha Tinh Steel Limited Company, a subsidiary of Formosa Plastics Group, has offered its services in setting up the government-managed Vung Ang special steel economic region.

The proposal was submitted to Deputy Prime Minister Hoang Trung Hai through an official letter 1406022/CV-FHS recently, after many requests on exemptions for all kinds of tax, reported cafef.vn.

According to the FHS, establishment of the special region is aimed at building the Son Duong deep-water port, and ensuring investment to the related industrial sectors of steel and electricity to promote industrial investment.

The company has proposed regulation on managing the special region located in Vung Ang, Ha Tinh central coastal province, as well as incentives for investment projects at the region.

It has also suggested a board under the Government's management for the region.

Earlier, the Government agreed to offer import tax incentives to the Formosa Ha Tinh Steel Project to create favourable conditions for the project's implementation. These include exemption of import taxes on a number of machines and equipment, creating fixed assets for the giant steel and port project and exemption of the natural resource tax on its sand sucking to level the project's surface.

The steel project is considered one of Viet Nam's biggest foreign funded projects with the registered investment capital of nearly US$10 billion. The project is now under construction and is expected to begin operations in 2015. — VNS