Taiwan's Formosa plans to build a petrochemical and oil refinery complex in Vung Ang Economic Zone in the central province of Ha Tinh in Vietnam.
The US$12.4bn project has a production capacity of 300,000bpd and 14 million t/y of products, VietNamNet Bridge reports.
The project has been approved by the local government and is awaiting approval from the Central Government.
If approved, the refinery complex, spread across 1,600ha, will be the country's fourth such facility.
The project is expected to create about 4,000 local jobs, said the website.