Updated January 24th, 2024 at 15:23 IST
Boeing supplier KP Aero to invest $20 mn in factory in Vietnam
Boeing supplier KP Aero plans to invest $20 million in a factory in central Vietnam
Aviation funds: The South Korean aero-parts supplier KP Aero, which makes parts for Boeing planes, plans to invest $20 million in a factory in central Vietnam, local authorities said, in a move that could expand Boeing's supply network in the country.
The global aerospace player, Boeing has informed that it is willing to expand its manufacturing network in Vietnam, where it already has seven "sub-tier" suppliers, and companies that sell components to its direct suppliers.
Last year in September, Boeing made a preliminary deal with national flag carrier Vietnam Airlines for the sale of 50 Boeing 737 Max 8 aircrafts.
Later this week, KP Aero will formally be granted the authorisation to invest $20 million in Vietnam, authorities in the central city of Danang said in a media statement on Wednesday.
A Vietnamese official said the investment will be undertaken by KP Aero, a supplier to Korean Air's engineering division, in the city's high-tech industrial park.
(With Reuters Inputs)
Published January 24th, 2024 at 15:23 IST