Hung Nghiep Formosa Ha Tinh Steel Co. Ltd. has said that the firm will transfer the remaining half of the USD500 million pledged total compensation to the Vietnamese government on August 28.
The news was confirmed by Deputy Minister of Finance Nguyen Huu Chi at a meeting in Hanoi on August 26 to review activities on supporting local people dealing with the consequences of saltwater intrusion and mass fish deaths.
The Formosa toxic incident has caused the massive fish deaths in the central region of Vietnam
Formosa paid the first half of the compensation package to the Vietnam State Treasury of USD250 million at the end of July.
According to Deputy Minister of Finance Nguyen Huu Chi, the government has sought opinions from the four central provinces of Thua Thien-Hue, Quang Binh, Ha Tinh and Quang Tri affected by the fish deaths for the use of the compensation. However, to date, the government has received a report from Thua Thien-Hue Province only.
The USD500-million compensation will be spent based on the provinces' reports on their losses and in line with the government's instructions, the deputy minister noted.
Earlier, Government Office Minister Mai Tien Dung said that the Vietnamese government will prioritise the compensation for fishermen affected by the mass fish deaths in the four central provinces.
The government will assign ministries, agencies and localities to form compensation plans, including helping people to find new jobs and developing sustainable environmental treatment.