JavaScript is off. Please enable to view full site.

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

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news