Chairman of Hanoi’s People Committee Nguyen Duc Chung, Lee Huyk – South Korean Ambassador to Viêtanm; Shin Huyn Woo – General Director of Hanwha Techwin along with representatives from South Korean Enterprise Association in Vietnam and related authority agencies… attend the ceremony.

The construction of aircraft engine parts factory starts today. Photo: Anh Quy

Hanwha Techwin has selected 96,789 square meters of land in Hoa Lac high-tech zone nearby Hanoi city to construct a plant to manufacture aircraft engine parts. The plant size is about 57,000m2, which is about eight times the size of a regular football field.
"Aircraft engine parts makers such as Dynamic Precision, Barns and Magellan are also expanding their production capacity by constructing manufacturing factories at home and abroad," said an official of Hanwha Techwin. "In the future, based on its technological capabilities, Changwon Factory will serve as a production base for high-value-added products, providing technical support to the factory in Vietnam. The Vietnamese base will take charge of production of products that require price competitiveness by utilizing Changwon Factory’s superior technology capabilities and business experience.

Representatives from Hanoi authority, Vietnam goverment and South Korea at the ceremony to start construction

After 2 months of preparation, on Sep 21, the factory project is approved and start to be carried out. There will be 3 factories, among which the first one is expected to be completed by 2018 and the two others by 2020. Speaking at the ceremony, Shin Hyun Woo, General Director of Hanwha Techwin affirmed, on Aug 7, Administrative Board of Hoa Lac high-tech zone officially approved the investment register certificate for the Project Hanwha Aero Engines with total register capital of VND 4,530 bn (US$200m). There is plan to expand this investment up to $260 m.
According to Director of Hanwha Shin Hyun Woo, this is the first project in aircraft industry to be launched in Vietnam. Therefore, once complete, the project would contribute remarkably to the development of aircraft and aircraft engine parts industry in Vietnam. The project would bring 40-year-old Aircraft Engine Parts technology of Hanwha Techwin to Vietnam. Pretigious brand of Hanwha Techwin would plays role as firm basement for Hoa Lac High-tech zone to attract other international coporations. 
Also at the ceremony, Minister of Vietnam’s Science and Technology Ministry Chu Ngoc Anh pressed, constructing Hanwha Aero Engines factory was innital proof for Vietnam government 'decisive policies as well as the attraction of Hoa Lac High-tech zone Besides, the project becomes more significant when starts to be constructed on occasion of 25th year of Vietnam – South Korea diplomatic day (Dec 22, 1992 – Dec 22, 2017). Highly appreciating the effort and collaboration of investors as well as Administrative Board of Hoa Lac high-tech zone, Minister Chu Ngoc Anh  ensured that the Ministry would offer all the necessary support construction. 
Hanwha Techwin is planning to expand its sales of civilian aircraft engine parts to about 1 trillion won (US$900 million), which is the top level in the aircraft parts processing industry, by 2025 by expanding its engine parts production capacity through the establishment of overseas plants.
Hanwha Techwin is growing the volume of its engine parts business by winning large-scale parts orders from world-class aircraft engine manufacturers such as GE, Pratt & Whitney (P&W) and Rolls-Royce.
As a result, Hanwha Techwin selected Vietnam as a production base with a nice logistics environment and high cost competitiveness among many candidate regions by strategically studying the feasibility of a plan for the establishment of an overseas engine parts manufacturing factory.
South Korean Ambassador to Vietnam Lee Hyuk affirmed the factory construction proves the prestige and attraction of Hanoi invesment enviroment. The project not only contributes to Hanoi development but also creates the chance to promote aircraft industry in Vietnam.