Formosa Ha Tinh Steel Corporation (FHS) received an investment certificate on 12/June/2008, Son Duong port and integrated steel mill is currently the foreign direct investment (FDI) project on the largest scale in Vietnam. Investing plan at Vung Ang economic zone in Ha Tinh Province – the area has a special difficult socio-economic condition - is to begin the construction of Son Duong international deep-water port which can provide space for vessels with 200 thousand tonnes and operate consistently with an integrated steel mill and cogeneration power plant. The labor needed from related enterprises when the factory came into operation was up to 100 thousand people. This project has created necessary transportation, economic, and power infrastructures in Vietnam and will contribute to making Vung Ang economic zone the biggest heavy industrial center in Southeast Asia.
The project has marked the first turning-point participating in the iron and steel industry of Formosa Group. The project will include 4 phases, the first one will plan to produce raw steel and consume many types of steel like hot-rolled band, hot-rolled coil, bar, or wire rod.

Southeast Asia has become the area with the highest growth rate in steel consumption and will be the target market of FHS in the first phase. Currently, countries in Southeast Asia have a significant development in industrialization and urbanization that increase the iron and steel products demand. As Vietnam does not have a large-scale blast furnace, the crude steel manufacturing capability does not meet the market demand that leading to a dependence on imported materials. FHS takes full advantage of local tax policies and receives Preferential duty from the countries belonging to the ASEAN Free Trade Area. Overall, FHS in the future will be the biggest integrated steel mill in Southeast Asia.