Piaggio Vietnam adds US$75m to investment in Vinh Phuc

Wednesday, Feb 22, 2023 14:52

Binh Xuyen Industrial Park in Binh Xuyen District, Vinh Phuc Province. — VNA/VNS Photo

Piaggio Vietnam Co. Ltd has raised its investment in the northern province of Vinh Phuc 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 Vinh Phuc management board of industrial parks on February 21.

The company opened a motorcycle assembly plant in the Binh Xuyen Industrial Park of Binh Xuyen 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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