Investors’ indifference about high-tech parks has been partly blamed on legal obstacles, as well as a lack of social infrastructure Completed infrastructure surrounded with trees and spacious buildings and accompanied with favourable transport links are the first notable changes at Hanoi’s Hoa Lac High-tech Park (HHTP) this year. Located about 30km from the city’s centre, the facility has marked a year of mass production of aero engines for South Korea’s Hanwha Group at the first foreign-invested aircraft engine parts factory, worth $200 million. “We made revenues of $35 million in 2019, and are expected to increase this to $52 million this year. We are making a good performance there,” said general director Kam Sang Kyun of Hanwha Aero Engines, a subsidiary of South Korean conglomerate Hanwha Group. Hanwha Areo Engines is one of very few major foreign-invested projects that HHTP has attracted in recent years, despite the effects of Decree No.74/2017/ND-CP which came into effect in 2017, governing the special mechanisms and policies for HHTP. Why less attractive? According to the HHTP Management Board, the park lured in just four domestically-invested projects in 2019, registered at VND7.46 trillion ($324.3 million), thus increasing its accumulative registered total capital to VND86.37 trillion… Read full this story
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