Hanwha Aerospace has invested $200 million in a facility at Hoa Lac Hi-Tech Park, Hanoi, to produce aircraft engine components for global customers. This investment is set to increase to $260 million, with plans to expand the facility to nearly 97,000 square meters. In 2023, Hanwha Aerospace achieved a revenue of $140 million.
Mr. Jung expressed a desire to enter the aircraft maintenance sector, noting that Vietnamese aircraft currently need to be sent abroad for maintenance. Prime Minister Chinh welcomed this initiative and suggested potential collaborations with major Vietnamese airlines like Vietnam Airlines and Vietjet Air.
The leaders of Korean corporations have numerous aspirations for investment cooperation. (Photo: Nhat Bac)
During the meeting, other significant Korean investors also shared their contributions and future plans. Mr. Huh Yong-soo, Chairman of GS Energy, announced a $3 billion investment in the Long An power generation plant, which is awaiting project launch and legal support from Vietnamese authorities.
Mr. Jung Yeo-nin, Chairman of Doosan Enerbility, highlighted the company’s readiness to engage in wind and gas power projects in Vietnam and called for government support in policy mechanisms and human resource training.
Mr. Lee Kye-In, Chairman of Posco International, discussed their success in the Mong Duong 1 thermal power plant project and future plans for the Quynh Lap LNG gas thermal power project and rare earth projects.
Mr. Kim Hyung-Kwan, CEO of Hyundai Mipo, emphasized their investment in Vietnam’s shipbuilding sector, focusing on sustainable and green technologies. He also requested a 20-year extension on the use of Vinashin’s shipyard land and infrastructure improvements to support new-generation fuels like LNG.
Minister of Industry and Trade Nguyen Hong Dien highlighted Vietnam’s significant energy potential, with the demand for power capacity expected to double by 2030 and increase eightfold by 2050. The government is implementing several solutions to attract energy investments, including competitive electricity retail mechanisms and direct electricity trading starting July 1.
Minister of Finance Ho Duc Phoc assured Korean financial enterprises of equal treatment in Vietnam’s economic sectors, emphasizing successful Korean securities companies and the rapid growth of Vietnam’s stock market.
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Source: Vietnam Insider