Work begins on Vietnam’s first aircraft engine parts factory
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Work begins on Vietnam’s first aircraft engine parts factory

Economy, Vietnam, Vietnam Finance News

VNA
Thursday, September 21, 2017 – 16:32:00 Print

At the ground-breaking ceremony for Vietnam’s first aircraft engine parts factory, Hanwha Aero Engines. (Photo: vnexpress.vn)

Hanoi (VNA) – A ground-breaking ceremony for Vietnam’s first
aircraft engine parts factory, Hanwha Aero Engines, was held at the Hoa Lac
High-tech Park in Hanoi on September 21.

The nearly 97,000sq.m plant invested by Hanwha Techwin Co., Ltd from the
Republic of Korea (RoK) has total investment of 200 million USD. The first
facility is expected to become operational in next April and the construction
of the two others will be completed in 2022.

The project will generate jobs for 1,000 local labourers.

Speaking at the ceremony, Minister of the Science and Technology Chu Ngoc Anh
highlighted that the event is significant as the two countries are celebrating the
25th anniversary of diplomatic relations.

Hanwha Techwin will create a knock-on effect, helping the Hoa Lac High-tech
Park attract more foreign investors in the coming time, Anh said, adding that
they will make major contributions to enhancing scientific and industrial potential
in the northern region in particular and Vietnam in general.

The company has recently received large orders from world’s leading aero engine
producers like General Electrict, Pratt & Whitney and Roll-Royce. The
Hanwha Aero Engines plant, with competitive production capacity, is expected to
promote the development of Vietnam’s aero industry in the future.

The Ministry of Science and Technology has ordered the management board of the
Hoa Lac High-tech Park to complete the construction of basic infrastructure as
well as mechanisms and policies, creating favourable conditions for investors.

From the outset of the year, the board granted investment licenses to three
projects with total registered capital of over 5 trillion VND (219.9 million USD)
and the RoK’s aircraft engine parts plant is standout among them.

Currently,
the board is pushing negotiations to lure a high-tech project worth more than
500 million USD from Japan as well as major projects of domestic groups.-VNA

QBCA

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