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The Hanwha Aero Engines Company, a member of South Korea’s Hanwha Group, inaugurated the Hanwha Aero Engines factory, which will make engine parts, at Hanoi’s Hoa Lac Hi-Tech Park on December 6.
The project has total investment of $200 million and was licensed by the Hoa Lac Hi-Tech Park Management Board on September 21, 2017. After construction and the installation of machinery and equipment and the completion of trial operations, the plant officially went into mass production and is expected to manufacture its first product in January.
Hanwha’s new plant is the first large-scale aircraft engine parts and components manufacturing facility in Vietnam, with 100,000 sq m of floor space.
Once it ramps up to full production, it will become a major global hub for manufacturing aircraft engine components on a large scale with high-quality and cost-competitiveness to help grow Hanwha’s market share in the aircraft engine industry.
Since receiving the investment license at Hoa Lac, Hanwha Aero Engines has recruited and appointed many Vietnamese technicians to study in South Korea and more than 40 technicians from the company in South Korea are training about 200 Vietnamese technicians at the factory.
Head of the Party Central Committee’s Economic Commission Nguyen Van Binh said he hopes the plant will become a model of how to transfer technology from South Korean enterprises to Vietnam, thereby opening up access to key technologies and enhancing technological capacity.
Minister of Science and Technology Chu Ngoc Anh said he appreciates the cooperation between the investors and the Management Board of Hoa Lac Hi-Tech Park in completing construction on schedule and also requested the Management Board continue to support the investor in production and business activities.
The Chairman of the Hanwha Group said that Hanwha Aero Engines will play an important role in helping the Group become a global aviation company. “The aircraft engine industry requires decades of investment in technology and equipment with deep technical expertise,” he said. “For this reason, we are thinking long term and will continue to strategically invest in Vietnam for many years to come. This is also a foundation for deep trust and development between Vietnam and South Korea.”
Founded in 1952, the Hanwha Group has 61 domestic affiliates and 325 global networks in three major sectors: manufacturing and construction, finance, and services and leisure.