On January 25, Danang Hi-Tech Park Management Board announced that it had just granted an investment registration certificate to KP Aero Industries to implement the KP VINA aerospace components factory.

With a total investment of $20 million, the project will specialise in manufacturing, processing, and assembling aircraft parts, including the APU door, MIC tip, wingbox, winglet, and flap support fairing of Boeing 787 and Boeing 737 Max aircraft.

This is the second project in the aerospace field to be sited in Danang Hi-Tech Park. Universal Alloy Corporation from the United States is also running a facility in the park to produce aerospace components for Boeing.

In Vietnam, Boeing has seven sub-tier suppliers, which sell components to its direct suppliers. Boeing wants to grow those numbers and is currently working with Vietnamese firms to train them in getting to the safety and technical standards necessary to join its supply chains.

A representative of KP Aero Industries said, "During the initial period of researching investment locations, the company was concerned about the potential difficulties in Danang's business environment due to a lack of infrastructure and delays in administrative procedures. However, the company has received enthusiastic support from the management boards of Danang Hi-Tech Park and Danang Industrial Park, allowing it to complete its procedures quickly."

“We believe that nothing is impossible in Danang thanks to the smooth administrative coordination. Immediately after signing the land lease contract, we will urgently begin construction in accordance with the law, expecting to start in early February. The project is slated to be completed and put into operation by the end of 2024,” the representative added.

KP Aero Industries is a partner of leading companies in the aerospace field, such as Boeing, Airbus, and Korean Air. The implementation of the factory is expected to create the foundation for an aerospace technology complex in Danang Hi-Tech Park, thereby contributing to the socioeconomic development of the locality.