Hong Kong firm aims to invest $100 mln in aircraft service in Dong Nai province

By Tri Duc
Fri, April 14, 2023 | 4:52 pm GMT+7

Hong Kong-headquartered Haeco Group aims to invest $100 million in the first phase of an aircraft service project in Vietnam’s southern province of Dong Nai, with about 1,000 employees.

Haeco CEO Frank Walshot made the proposal at a Wednesday meeting with Nguyen Hong Linh, Dong Nai's Party chief.

In the second phase, the firm aims to expand the workforce to 4,000 people, while cooperating with local firms in training laborers for airport services.

The firm also plans to invest in projects related to the under-construction Long Thanh International Airport in Dong Nai, like aircraft repair and maintenance, and proposed Dong Nai authorities support it in studying and surveying projects.

Haeco CEO Frank Walshot (center), Nguyen Hong Linh (fourth, left), and Philipp Roesler (fourth, right), former Vice Chancellor of Germany, at a meeting in Dong Nai province, southern Vietnam on April 12, 2023. Photo courtesy of Dong Nai newspaper.

Haeco CEO Frank Walshot (center), Nguyen Hong Linh (fourth, left), and Philipp Roesler (fourth, right), former Vice Chancellor of Germany, at a meeting in Dong Nai province, southern Vietnam on April 12, 2023. Photo courtesy of Dong Nai newspaper.

Established in Hong Kong in 1950, Haeco is one of the world’s leading independent aircraft engineering and maintenance groups. It is also one of the largest maintenance, repair and overhaul service providers in terms of capacity.

A key infrastructure project in Vietnam, Long Thanh International Airport will have a designed capacity of 100 million passengers per year. It is expected to help ease overloading at Tan Son Nhat International Airport in Ho Chi Minh City, a neighbor of Dong Nai province. The new airport will cover more than 5,580 hectares in Dong Nai's Long Thanh district.

The key national project, also Vietnam’s biggest airport project so far, is estimated to cost more than $14 billion to build and is set to open in 2025, after initial work began in 2021.

Air passenger transport in Vietnam reached 106 million in 2018 and peaked at 115.5 million in 2019, prior to the Covid-19 pandemic, according to data of the Civil Aviation Authority of Vietnam. The figure recovered to 55 million in post-pandemic 2022. In the first two months of this year, the number was 19.7 million, up 91.5% year-on-year.

Comments (0)
  • Read More
Hyundai Vietnam joint venture to spend $100 mln on shipbuilding capacity expansion

Hyundai Vietnam joint venture to spend $100 mln on shipbuilding capacity expansion

Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), a joint venture between South Korea and Vietnam, is set to invest an extra $100 million in expanding its shipbuilding capacity in Vietnam.

Industries - Fri, May 2, 2025 | 8:03 pm GMT+7

Vietnam's economic hub HCMC moves closer to establishing int’l financial center

Vietnam's economic hub HCMC moves closer to establishing int’l financial center

After more than two decades of planning, the vision of establishing an international financial center in Ho Chi Minh City is finally gaining real momentum as the Politburo has officially endorsed the proposal, drawing significant attention from investors.

Southeast Asia - Fri, May 2, 2025 | 6:04 pm GMT+7

Vietnam cuts LNG import tariff to boost clean energy transition

Vietnam cuts LNG import tariff to boost clean energy transition

The Vietnamese Government has reduced the preferential import tariff on LNG from 5% to 2% under a decree issued on March 31, which marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.

Southeast Asia - Fri, May 2, 2025 | 3:26 pm GMT+7

Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15

Vietnam races against time to have EC’s 'yellow card' lifted before Sept 15

Vietnam's Ministry of Agriculture and Environment has proposed Prime Minister Pham Minh Chinh issue an action plan to address the European Commission's (EC) “yellow card” warning and prepare for the fifth EC inspection.

Southeast Asia - Fri, May 2, 2025 | 3:21 pm GMT+7

Vietnam's property market sees mixed prospects in Q2: analysts

Vietnam's property market sees mixed prospects in Q2: analysts

Vietnam’s real estate market is expected to see positive developments in Q2, with developers launching new projects, but uncertainties from U.S. trade policies may influence market sentiment and consumer confidence, said analysts.

Real Estate - Fri, May 2, 2025 | 3:14 pm GMT+7

Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates

Vietnam’s largest container fleet operator records 478% profit growth in Q1 on surging shipping rates

Vietnam’s Hai An Transport and Stevedoring JSC (HAH) reported after-tax profit of nearly VND274 billion ($10.54 million) in Q1/2025, skyrocketing 478% year-on-year, thanks to soaring shipping rates.

Companies - Fri, May 2, 2025 | 3:00 pm GMT+7

Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit

Vietnam's leading construction contractor Hoa Binh targets US market amid low domestic profit

Hoa Binh Construction Group, one of Vietnam's top contractors, is negotiating a joint venture agreement with American partners to pave the way for implementing major projects in the U.S.

Companies - Fri, May 2, 2025 | 2:04 pm GMT+7

Northern Vietnam province Hai Duong to have first urban area-golf course complex

Northern Vietnam province Hai Duong to have first urban area-golf course complex

Hai Duong province's authorities have granted in-principle approval for the Lien Hong New Urban Area and Golf Course project, with a total investment of VND11 trillion ($423 million).

Real Estate - Fri, May 2, 2025 | 9:59 am GMT+7

Central Vietnam 'awakened' by major resort projects

Central Vietnam 'awakened' by major resort projects

From once-abandoned coastal lands to emerging resort-urban areas, central Vietnam is witnessing a strong resurgence of investment.

Real Estate - Fri, May 2, 2025 | 9:22 am GMT+7

Vietnam Airlines posts strong profit on international passenger surge, fuel price decline

Vietnam Airlines posts strong profit on international passenger surge, fuel price decline

National flag carrier Vietnam Airlines (HVN) said on Wednesday that it recorded consolidated pre-tax profit of around VND3.6 trillion ($138 million) on consolidated revenue of approximately VND31.1 trillion ($1.2 billion) in Q1/2025.

Companies - Fri, May 2, 2025 | 8:17 am GMT+7

S Korean firms pledge nearly $2 bln in new investments in Indonesia

S Korean firms pledge nearly $2 bln in new investments in Indonesia

South Korea's companies will increase their investment in Indonesia by $1.7 billion, Indonesian Economic Minister Airlangga Hartarto said on Monday after attending a meeting between a Korean business association and President Prabowo Subianto.

Southeast Asia - Thu, May 1, 2025 | 10:01 pm GMT+7

Malaysia develops sustainable semiconductor ecosystem

Malaysia develops sustainable semiconductor ecosystem

The Malaysian Investment Development Authority (MIDA), the Federation of Malaysian Manufacturing (FMM), and Bintang Capital Partners (Bintang Capital) on Monday announced a landmark MoU signed recently regarding the establishment of Bintang Semiconductor Impact Fund I (BSIF I).

Southeast Asia - Thu, May 1, 2025 | 9:59 pm GMT+7

Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR

Vietnam to become second-largest economy in Southeast Asia by 2036: CEBR

The Centre for Economic and Business Research (CEBR), in its report World Economic League Table 2022, forecasts that Vietnam will become the second-largest economy in Southeast Asia after Indonesia and the 20th-largest economy in the world by 2036.

Southeast Asia - Thu, May 1, 2025 | 9:42 pm GMT+7

Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time

Vietnam conglomerate Vingroup's Q1 revenue surpasses $3 bln for first time

Vingroup, Vietnam's leading private conglomerate, recorded revenue of VND84.05 trillion ($3.3 billion) in the first quarter of 2025, its record high.

Companies - Thu, May 1, 2025 | 3:44 pm GMT+7

Work starts on expressway connecting Vietnam's Central Highlands with southeastern region

Work starts on expressway connecting Vietnam's Central Highlands with southeastern region

Construction on Tuesday began on the first component of Gia Nghia town (the Central Highlands province of Dak Nong)-Chon Thanh town (the southeastern province of Binh Phuoc) section of the North-South Expressway.

Infrastructure - Thu, May 1, 2025 | 2:46 pm GMT+7

Final sections of central Vietnam’s longest sea-crossing bridge joined

Final sections of central Vietnam’s longest sea-crossing bridge joined

Authorities of Hue city in central Vietnam on Wednesday held a ceremony to celebrate the joining of the final sections of Thuan An sea-crossing bridge, a landmark infrastructure project with significant implications for local development and tourism.

Infrastructure - Thu, May 1, 2025 | 2:35 pm GMT+7