Vinh Phuc, March 1 (VNA) – Italian scooter manufacturer Piaggio launched its new plant in Vietnam at Binh Xuyen industrial park, in the midland province of Vinh Phuc on March 1.
This is part of the second phase of the group’s business development strategy in Asia-Pacific. The plant will manufacture scooter engines, helping to raise Piaggio Vietnam ’s production capacity from 140,000 scooters to 300,000 per year. Addressing the ceremony, Deputy Prime Minister Hoang Trung Hai said Piaggio’s investment in Vietnam will be a premise for the continued development of bilateral economic cooperation. According to Piaggio Chairman and CEO Roberto Colaninno, the plant will manufacture engines for the group’s new scooter models produced in Italy , Vietnam and India . Between 2012-2014, Piaggio will invest 70 million EUR into Vietnam . In its strategy, the group focuses on emerging market with the aim of 1 million scooters in global sales in 2014 and 2 billion EUR in revenue in fiscal year 2014. Piaggio estimated that Asia will account for 50 percent of its revenue in 2014, compared with 8 percent in 2003 and 25 percent in 2009./.
News Agency
