Reuters logo
Taiwan's Formosa Plastics to receive $2.39 mln in Vietnam compensation
July 21, 2014 / 4:50 AM / 3 years ago

Taiwan's Formosa Plastics to receive $2.39 mln in Vietnam compensation

TAIPEI, July 21 (Reuters) - Taiwanese conglomerate Formosa Plastics Group said on Monday it will receive $2.39 million in compensation from the Vietnamese government and a Vietnamese insurance firm for damages incurred during anti-China protests in May.

Formosa’s Vietnam unit, which is building a steel project and whose shares are not listed, had been targeted in the protests by Vietnamese workers. The workers had mistakenly believed that Formosa was a China-based company.

Hanoi will pay $1.44 million of the total sum this week, a spokesman for the Formosa unit said, and the remaining $948,000 will be paid out in instalments by a Vietnamese insurance firm.

Formosa is the biggest foreign investor in Vietnam, local media have said.

The protests were sparked after Chinese state oil companies moved an offshore drilling rig into disputed water of the South China Sea to drill an exploratory well. (Reporting by Michael Gold; Editing by Tom Hogue)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below