Taiwanese fish killer completes $500 million compensation package

By Toan Dao   August 30, 2016 | 03:00 pm PT
Taiwanese fish killer completes $500 million compensation package
Part of the Formosa Steel Plant in Vietnam's central province of Ha Tinh. Photo by VnExpress
Works on how to allocate the compensation package are still under way.

Taiwanese Formosa Steel Ha Tinh has wrapped up the delivery of $500 million to Vietnam that it previously pledged to compensate for the environmental pollution it caused in the central region, the Vietnamese government portal reported Tuesday, quoting Minister of Natural Resources and Environment Tran Hong Ha.

Vietnam's government received the first $250 million in July but works to prepare for the actual distribution of the compensation package have not been finished.

Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue, the four affected provinces, have been asked to submit their reconstruction plans and damage assessments to the ministries of finance and agriculture and rural development by September 15.

The ministries, in collaboration with other government agencies, have been asked to review the provinces’ reports and submit their proposals for allocation of the compensation package to Prime Minister Nguyen Xuan Phuc in the last week of September, the government statement said.

Formosa has grabbed headlines for causing one of the biggest environmental disasters in Vietnamese history, killing tons of fish across four coastal provinces. The company’s test-run led to the discharge of toxic substances into the sea, including phenol, cyanide and iron hydroxide.

Formosa has officially apologized to the Vietnamese people and promised to pay $500 million in compensation to make up for the damage. The firm also promised to compensate local people for economic losses, help them find new jobs and subsidize clean-up activities.

Related news:

Formosa's toxic disaster: are fish safe to eat now in central Vietnam?

Vietnam province launches criminal probe into Formosa-related waste burial

Formosa pays Vietnam first $250 mln fish death compensation

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