Business

Vietnam dismisses senior lawmaker linked to toxic Formosa scandal

May 16, 2017 | 08:03 AM GMT+7

A former leader of Ha Tinh Province in central Vietnam was removed from the country’s top legislative body on Monday after being held accountable for a toxic spill caused by Taiwan’s Formosa steel plant a year ago.

Formosa's legislative official dismissed

A former leader of Ha Tinh Province in central Vietnam was removed from the country’s top legislative body on Monday after being held accountable for a toxic spill caused by Taiwan’s Formosa steel plant a year ago.

The National Assembly’s Standing Committee voted to remove Vo Kim Cu after he filed a petition to leave due to health reasons.

The decision came less than a month after the ruling Communist Party’s Secretariat rebuked Cu and retroactively fired him from various positions as a senior Party leader in Ha Tinh between 2005 and 2015, including his role as the provincial party secretary.

He has been chairman of Vietnam’s Cooperative Alliance since November 2015.

The Secretariat’s investigation found that Cu had approved investment licenses and an illegal waste pipeline at the Formosa steel plant.

He was among 11 government, provincial and industry officials, including former environment minister Nguyen Minh Quang, who were named and shamed in February for the disaster.

In June last year, Formosa agreed to pay $500 million in compensation for the toxic spill that polluted 125 miles of coastline in Ha Tinh and three nearby provinces.

The pollution, first reported in April 2016, has been named the biggest environmental disaster to ever hit Vietnam after it devastated sea life and local economies dependent on fishing and tourism.

The environment ministry said the affected region might need a decade to completely recover from the incident, while experts predict the disaster may set Vietnam’s economy back for years.

However, environment officials last week agreed for the plant to test run a new furnace on a six-month trial period after concluding that it had fixed all violations related to environmental protection.

Hoang Huy Group to raise $79 million for Haiphong property projects

Hoang Huy Group to raise $79 million for Haiphong property projects

Business -  12 hour

Hoang Huy expects revenue to exceed VND4 trillion and post-tax profit to reach up to VND2 trillion in fiscal year 2025-2026, targeting annual growth of over 30% for the next five years.

Cen Land transforms into real estate developer with bold goals

Cen Land transforms into real estate developer with bold goals

Business -  1 week

Cen Land is shifting from brokerage to development, targeting a 170% revenue increase and 424% profit growth in 2025.

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Menas signs to elevate lifestyle experiences at Keppel’s properties in Vietnam

Business -  1 month

Menas Group has entered a strategic partnership with Keppel to co-develop an integrated ecosystem of lifestyle services across Keppel’s real estate projects in Vietnam, beginning with the landmark Celesta City development in Saigon South.

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Phuc Sinh secures $15 million investment from Dutch investor for sustainable expansion

Business -  1 month

Phuc Sinh’s expansion underscores Vietnam’s growing role in sustainable agriculture and its increasing appeal to global investors

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

PVI Asset Management and SonKim Capital partner to revolutionize real estate investments

Business -  1 month

PVI Asset Management (PVI AM) and SonKim Capital (SK Capital), a business unit of SonKim Group has announced a strategic collaboration to develop innovative real estate investment products tailored for institutional investors and high-net-worth individuals.

Filum AI secures $1 million amidst funding winter

Filum AI secures $1 million amidst funding winter

Business -  1 month

Filum AI has successfully raised $1 million in funding despite a challenging venture capital market, underscoring the potential of AI and shifting investment strategies.