A source from the city’s planning and investment department said that the project would start construction in the first quarter of 2024.
It said the factory was designed for producing aft body, APU door, MIC wing tip, raked wing tip, wing box, winglet, flap fairing support and aircraft metal fabrication facilities for Boeing 737, 787 and Boeing 737 Max in two phases.
The factory plans to begin the first investment phase in the fourth quarter of 2024 and reach full capacity manufacturing by the second quarter of 2029.
The Korean investor had earlier inked an agreement on support and investment promotion, education, manpower employment and research with partners including the Da Nang Hi-tech Park and Industrial Zones Authority; the Da Nang University of Science Technology under Da Nang University; and Korean Air in May of 2023.
KP Aero Industries produces and supplies parts for Boeing, Airbus and Korean Air company.
This is the second investment project in aviation and aerospace technologies in the park, after the Da Nang Sunshine Aerospace under the Universal Alloy Corporation from the US, put into operation in 2020.
The RoK ranked in the five top foreign investors in the city, with 233 projects worth $378 million in the ICT and hi-tech industries.
The RoK’s LG Electronics started building its R&D center, the second in Vietnam, in Da Nang, while Samsung began establishing the Samsung Innovation Campus (SIC) at the city’s Duy Tan Private University, and supporting two businesses – Trung Nam Group and Tan Long Paper and Package Company – in building the first smart factories in the city.
Partners from Vietnam and Korea boosted co-operation and development of Artificial Intelligence (AI) technology toward making Da Nang a center of global AI innovation.
The Vietnam-Korea Friendship Information Technology University began training the first 500 semiconductor and chip design engineers in central Vietnam in 2024-27.
To date, the Hi-Tech Park has 28 projects, of which 12 are FDI projects (worth total $702.24 million), and 16 domestic projects at a total investment of more than VND7 trillion ($280 million).
