JavaScript is off. Please enable to view full site.

US firm to invest $170mn in avionic manufacturing project in Da Nang

US firm to invest $170mn in avionic manufacturing project in Da Nang

Thursday, February 28, 2019, 12:48 GMT+7
US firm to invest $170mn in avionic manufacturing project in Da Nang
A corner of the Da Nang Hi-Tech Park in the namesake central Vietnamese city. photo: V.Hung / Tuoi Tre

Authorities in the central Vietnamese city of Da Nang are expected to issue investment certificates to eight foreign-invested projects, including the development of an aircraft device production plant of a U.S. investor.

The project by U.S.-based Universal Alloy Corporation (UAC) will cover an area of 17 hectares at the Da Nang Hi-Tech Park with an investment capital of US$170 million, Doan Ngoc Hung Anh, head of the office of the municipal People’s Committee, confirmed on Wednesday.

UAC is expected to manufacture approximately 4,000 electronic devices for airplanes, all of which will be exported to North America, the European Union, and Malaysia.

The firm set a goal to rake in $25 million in profits from their Da Nang production activities in 2021, and to raise that figure to $82 million and $180 million, by 2022 and 2026, respectively.

UAC anticipates employing 650 to 1,200 laborers at the hi-tech park, as well as developing a network of distributors across Da Nang which will require another 1,000 to 2,000 employees.

The U.S. corporation also intends to coordinate with local universities and vocational schools to boost education and training in aerospace.

Headquartered in Atlanta, Georgia, UAC is the world’s leading avionic manufacturer, with a list of partners which includes Boeing, Airbus, Embraer, and Bombardier.

UAC is also one of the world’s top three suppliers of special aluminum for aircraft manufacturing.

The Da Nang administration announced on Wednesday that it will also grant investment certificates to seven other foreign direct investment projects in such fields as information and technology, logistics, tourism, and medicine.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Tuoi Tre News

More

Read more

;

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Latest news

Hundreds of UK police sacked for misconduct

Nearly 600 police officers in England and Wales were sacked in the year to March 2024, figures showed Tuesday, as police chiefs battle to restore public confidence after a string of scandals