ĐÀ NẴNG — KP Aerospace Việt Nam, a subsidiary of South Korea’s KP Aero Industries, has signeda design and build contract with a local partner for the construction of phase 2 of the KP Vina Aircraft component factory. 

The agreement is seen as a positive move following the opening of phase 1 at the Đà Nẵng City’s Hi-tech Park in 2024.

Phase 1 was designed for producing of aircraft components and building a strategic supply chain in Asia to produce major commercial aircraft components with an investment of US$21 million.

Construction for the second phase will start this year and begin full production in the first quarter of 2027.

Last year, KP Aerospace Việt Nam marked a breakthrough in the country’s aviation industry with the successful production and delivery of its first set of major structures for the Boeing 787 Dreamliner, one of the world’s most advanced widebody aircraft.

It’s also the first time that major wing structures for the Dreamliner were manufactured in Việt Nam.

KP Aerospace Việt Nam plans to further enhance its competitiveness in the aerospace manufacturing sector by expanding into Boeing 737 MAX Winglet production.

 

The Korean investor has also signed a Memorandum of Understanding (MoU) with the Đà Nẵng University of Science and Technology, under Đà Nẵng University, on funding equipment and facilities in serving for education and research worth VNĐ3.3 billion ($132,000).

A lab on aviation industries was built at the university’s mechanical engineering faculty for practical and educational sessions.

The University is the first education centre in Đà Nẵng beginning human resources training courses for aviation industries.

Korean investors poured $1.33 billion to 345 projects in Đà Nẵng, placing South Korea among the city’s top four sources of foreign investment.

Đà Nẵng has also strengthened ties with several Korean localities, including Changwon, Daegu, Hwaseong, Yongin, Gwangyang, Jeju and Pyeongtaek, hosting the annual Korean Cultural Exchange Day to promote cultural understanding and partnership since 2022.

Việt Nam and Korea have set a target of reaching US$150 billion in bilateral trade turnover in 2030, and Đà Nẵng is seen as a favourite destination for Korean visitors. — VNS