The haphazard birth of Formosa Ha Tinh Steel Project (FHS) should not detract from the reality that this is a project of world-class scale and world-class backers. It’s one of a number of giant FDI projects that has the alignment of the Vietnam government, FDI partners, Taiwan Inc and the inherent advantages of staging production in Vietnam. What sets FHS apart from mammoth Samsung investments is that key lines will compete against existing domestic industry incumbents.