Formosa originally planned to invest in a steel and port project in Vung Ang worth $7.9bn, but saw a greater potential investment for a petrochemical development. The initiative has the capacity for 300,000 barrels of oil per day and 16 million tonnes of petrochemicals. It will employ up to 9000 workers and produce a range of products including benzene, gasoline and ethylene.

One of the stipulations for granting the licence was that investors had to also develop the Son Duong deepwater port, helping to boost Vietnam’s economy.