Belgian aerospace manufacturer plans $20mn aircraft parts factory in Vietnam

The Da Nang People's Committee announced the plan on Sunday following a meeting between Da Nang chairman Nguyen Manh Hung and ASCO Industries' CEO on the sidelines of a high-level dialogue in Brussels, Belgium between a Vietnamese delegation led by Vietnamese Party General Secretary and State President To Lam and leaders of prominent European businesses.

During the meeting, Da Nang officials introduced the city's advantages and development strategy for high-tech industries, underlining efforts to attract projects with advanced technologies, high added value, and strong potential to participate in global supply chains.

ASCO Industries operates in the aerospace sector, specializing in the manufacture of high-precision structures and components for aircraft production.

Under an agreement signed in July between ASCO Industries and the Da Nang High-Tech Park and Industrial Zones Authority, the company is expected to build a 6,000-square-meter aircraft parts factory with an initial investment of $20 million, with plans to expand its total investment to $100 million in the future.

The meeting reaffirmed Da Nang's efforts to promote international investment, attract high-tech manufacturing projects, develop high-value-added industries, and strengthen local businesses' links with global industrial supply chains.

According to the Da Nang administration, ASCO Industries' CEO is scheduled to meet with the Da Nang High-Tech Park and Industrial Zones Authority in early December to discuss implementation of the factory project, which is expected to begin operations in 2027.

The municipal People's Committee chairman has directed the authority to promptly contact ASCO Industries and work with the company to implement the matters discussed and the signed cooperation agreement. 

The authority must report the results to the chairman before November 15.