[THE INVESTOR] Hanwha Techwin, the aircraft engine manufacturing unit of Hanwha Group, said on June 19 it is seeking to build a new parts plant in Vietnam.

The company said it has recently purchased a 100,000 square meter site near Hanoi, and is awaiting final approval from the government. 

The construction is expected to start in August, with full operations starting later next year.

The company said it reviewed diverse countries for establishing a new plant and selected Vietnam due to its convenient location for logistics and high cost competitiveness.

With the planned production expansion, the company aims to achieve 1 trillion won (US$890 million) revenue in engine parts sales by 2025, becoming the No. 1 player in the field.

The company has secured large-scale orders from the world’s top three aircraft engine manufacturers, including General Electric, Pratt & Whitney and Rolls-Royce.

By Song Seung-hyun (ssh@heraldcorp.com)