Piaggio group expands production in Vietnam

The International Finance Corporation (IFC) has provided a 45 million EUR loan to help the Italy-based Piaggio Group to expand its production in Vietnam and India.

With the funding, Piaggio — one of the world’s leading manufacturers of scooters and motorbikes — is planning to raise the capacity of the plant in the Vietnamese province of Vinh Phuc to 100,000 motorbikes each year. It will also expand its factory in the Indian state of Maharashtra .

The two projects are expected to create more jobs for at least 480 workers in Vietnam and 300 others in India .

Last year, the group’s subsidiary in Vietnam earned 85 million USD and contributed 332 billion VND (17.2 million USD) to the Vietnamese State budget, after producing 22,300 Vespa motorbikes, over 7,000 more than it expected.

Tags: Piaggio Vietnam, Vietnam motobike market, Vietnam Scooter market

Posted by VBN on Jul 30 2010. Filed under Automotive. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry