Located in the capital city’s Hoa Lac Hi-Tech Park, Hanwha Aero Engines will make aircraft engine components for export. The $200 million factory is expected to turn out its first products by January 2019. Speaking at the inauguration ceremony, Nguyen Van Binh, head of the Party’s Central Economic Commission, said the project will become a representative for technology transfer from Korean enterprises to Vietnam, opening up opportunities to access key technologies and build capacity in the country. He said it would create a spill-over effect that wold attract more hi-tech enterprises from South Korea and other countries to Hoa Lac Hi-Tech Park. Hanwha Group chairman Kim Seung Yeon said they were only the South Korean company producing aircraft engines, and one of the 10 companies with most advanced technologies in the world. More than 40 technicians from Hanwha Group are present at the factory to train about 200 Vietnamese technicians. The factory is expected to create jobs for thousands of workers, train high quality workers, transfer know-how, and contribute to Vietnam’s technological capabilities. Kim said he hoped that with advanced technology, the production facility will contribute to the development of Vietnam’s aviation industry and precision manufacturing. Chu Ngoc Anh, Minister of Science and Technology, said at the ceremony that Vietnam will continue to support Hanwha throughout its operations in the future. As of now, the Hoa Lac Hi-tech Park has 87 investment projects with a total registered capital of VND78 trillion ($3.353 billion).