Piaggio Vietnam adds US$75m to investment in Vĩnh Phúc

February 22, 2023 - 14:52

The Piaggio Vietnam Co. Ltd has raised its investment in the northern province of Vĩnh Phúc by US$75 million to $165 million to expand operations.

Bình Xuyên Industrial Park in Bình Xuyên District, Vĩnh Phúc Province. — VNA/VNS Photo

VĨNH PHÚC — Piaggio Vietnam Co. Ltd has raised its investment in the northern province of Vĩnh Phúc by US$75 million to $165 million to expand operations.

The Italian-invested motorcycle producer received a certificate for its investment adjustment registration from the Vĩnh Phúc management board of industrial parks on February 21.

The company opened a motorcycle assembly plant in the Bình Xuyên Industrial Park of Bình Xuyên District in June 2009. In March 2012, it unveiled an engine production factory also in this industrial park.

The two projects cover over 18.9ha and had a combined initial investment of $90 million.

To continue developing production and business activities, Piaggio Vietnam has decided to merge these projects and invest $75 million more to raise motorcycle production and assembly capacity to 400,000 products each year from 250,000. Engine production will also increase to 400,000 units annually from 300,000. — VNS

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