US$200 million investment project for Vietnam’s first aircraft engine parts factory kicked off
By An Nhien
September 22, 2017 | 10:15 AM GMT+7
The ground-breaking ceremony for Vietnam’s first engine parts factory, Hanwha Aero Engines, was held in the Hoa Lac High-tech Park in Hanoi on September 21. This is the first aircraft, engine, and engine parts manufacturing industry-related project to be implemented in Vietnam.
The Ground-breaking ceremony for Hanwha Aero Engines factory.
The 97,000 square-meter Hanwha Aero Engines factory located in the Hoa Lac High-tech Park is expected to manufacture engine and engine parts for such world’s leading aero engine producers as General Electric (GE), Pratt & Whitney (PW) and Rolls-Royce.
Hanwha Techwin Co., Ltd from the Republic of Korea (RoK) has invested in the project a total of US$200 million, with the figure planned to increase to US$260 million.
The first plant is expected to be completed and put into operation by April 2018 while two other plants will be constructed and become operational in 2022. This project is predicted to generate jobs for around 1,000 people.
Investments will mostly focus on state-of-the-art machinery and precision testing equipment for the production of super precision engine parts. The Hanwha Aero Engineer factory with a competitive production capacity is expected to promote the development of Vietnam’s aero and precision machining industries in the future.
Minister of Science and Technology Chu Ngoc Anh stated that Hanwha Techwin’s investment in the Hoa Lac High-tech Park is very important in the context of the 25th anniversary of Vietnam-South Korea diplomatic relation.
Among 116 countries and territories, Han Quoc is currently the country having highest Foreign Direct Investment (FDI) in Vietnam. This will be the foundation which can create spillover effects in order to attract South Korean high-tech enterprises, improving the scientific and technological potential of the north of Vietnam in particular and Vietnam in general.
“Hanwha Aero Engines is the first factory producing engines and parts of aircraft to be invested in Vietnam. This expresses the next investment tendency in Vietnam which is focusing on the high-tech area,” said Lee Hyuk, Ambassador Extraordinary and Plenipotentiary of South Korea to Vietnam.
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