HA TINH (Biz Hub) — The Finance Ministry and the central province of Ha Tinh on Saturday handed over a handsome compensation payout to Formosa Ha Tinh, a Taiwanese-invested company affected by violence that broke out following China's illegal installation of an oil rig inside Viet Nam's continental shelf in May.

The People's Committee of Ha Tinh province gave VND30.3 billion (more than US$1.4 million) to the steel maker to help its subsidiary companies resume normal operations.

Insurance companies also paid out VND6 billion to the company and more than VND14 billion will be handed over in the coming days after procedures have been finalised.

Speaking at the event, Deputy Finance Minister Tran Xuan Ha reiterated Viet Nam's resolve to ensure a safe and favourable environment for investors.

Chairman of Ha Tinh People's Committee Vo Kim Cu also promised that the province would create the best possible conditions for companies operating in Vung Ang Economic Zone to overcome difficulties and resume growth.

Ha Tinh was among a group of localities where disturbances erupted on May 13, during which workers' rallied against China's illegal dispatch of oil rig Haiyang Shiyou – 981 in Viet Nam's exclusive economic zone.

Particular individuals incited others to target and destroy property belonging to foreign firms, the State and private domestic businesses. Authorities denounced those who acted in defiance of law enforcement officials, disrupted social order and business activities. Authorities have since arrested and brought hundreds of rioters to trial.

Last month, affected businesses in the southern provinces of Binh Duong and Dong Nai also received insurance payouts worth VND153.65 billion ($7.3 million). — VNS