10:00 | 27/09/2017 Economy
Hanwha Techwin from the Republic of Korea (RoK) held a ground breaking ceremony for the Hanwha Aero Engines Plant at the Hoa Lac Hi-Tech Park in Hanoi, on September 21, which is the first project of its kind in Vietnam.
|At the ground breaking ceremony for the Hanwha Aero Engines Plant|
The plant will produce components and engines for several of the world's leading airlines, including General Electric (GE), Pratt & Whitney (PW) and Rolls-Royce.
Previously on July 7, the Hoa Lac Hi-Tech Park Management Board granted an investment certificate for the project investor with a total investment of US$200 million. Hanwha Techwin also announced its plan to expand the project to approximately US$260 million, covering an area of almost 97,000m2.
The first aero engines plant is scheduled to begin operations in late April 2018, while the two remaining plants are expected to be completed in 2022. The project is expected to create jobs for nearly 1,000 people.
Minister of Science and Technology Chu Ngoc Anh said that the investment by Hanwha Techwin at the Hoa Lac Hi-Tech Park is of great significance in the context of the joint celebrations of the 25th anniversary since the establishment of diplomatic ties between Vietnam and RoK.
RoK also ranks first among the 116 countries and territories that are investing in Vietnam, Anh noted.
The minister added that the project will be a foundation for the Hoa Lac Hi-Tech Park to attract hi-tech enterprises from the RoK and other countries to invest in the park, contributing to enhancing the science and technology potential of the North and Vietnam in general.
Since the beginning of this year, the Hoa Lac Hi-Tech Park Management Board has granted investment certificates for three projects worth over VND5 trillion (US$220 million) including the Hanwha Techwin's project.