Business

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

With the funding,Piaggio -- one of the world’s leading manufacturers of scooters andmotorbikes -- is planning to raise the capacity of the plant in theVietnamese 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 andcontributed 332 billion VND (17.2 million USD) to the Vietnamese Statebudget, after producing 22,300 Vespa motorbikes, over 7,000 more than itexpected./.
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