Motorbike maker Piaggio invests $75 mln more in northern Vietnam
Motorbike manufacturer Piaggio received an investment registration certificate on Tuesday to invest an additional $75 million in the northern province of Vinh Phuc, raising its total investment to $165 million.
As a result, the Italian firm is set to raise its annual capacity to 400,000 units and 400,000 engines, from 250,000 units and 300,000 engines, making Piaggio Vinh Phuc among the most import factories of the firm in the world.
Nguyen Xuan Phuong (left), head of Vinh Phuc industrial zone authority, grants the investment registration certificate to Gianluca Fiume, CEO of Piaggio Vietnam.
Piaggio entered the northern province in 2007 and inaugurated its motorbike factory in June 2009, then its engine factory in March 2012. Currently, the two plants are merged into one 18-hectare Vinh Phuc factory in Binh Xuyen Industrial Park, Binh Xuyen district with nearly 1,000 employees.
Motorbike sales in Vietnam jumped 20.5% year-on-year to more than three million in 2022, after recording sales of 2.49 million in 2021 and 2.71 million in 2020, according to the Vietnam Association of Motorcycle Manufacturers, which includes Honda, Piaggio, Yamaha, Suzuki and SYM.
Vinh Phuc province attracted 70 foreign direct investment projects with a total registered capital of $462 million in 2022, or 2.69% above the annual target, according to provincial authorities.
- Related News
- Read More
Vietnam’s benchmark VN-Index to reach 1,400-1,420 points in 2025: broker
The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), may hit 1,400-1,420 points in 2025, driven by an 18% market-wide profit growth and a price-to-earnings (P/E) ratio of 12.5-13x, according to broker MBBank Securities (MBS).
Finance - Sun, December 22, 2024 | 7:52 pm GMT+7
HCMC's first metro line officially operational after nearly 2 decades
The first urban railway line in Ho Chi Minh City, named Ben Thanh-Suoi Tien, officially started commercial operations on Sunday after nearly two decades of waiting.
Infrastructure - Sun, December 22, 2024 | 2:17 pm GMT+7
Vietnam's 2025 GDP to grow 6.5% on robust infrastructure investment, consumer spending recovery: VinaCapital
Domestic factors, including a ramp-up in Government infrastructure spending, a revival of the real estate market, and a recovery of consumer spending, will help sustain Vietnam's GDP growth at a circa 6.5% pace next year, in-line with the National Assembly’s official target and with 2024 GDP growth, write Michael Kokalari, chief economist at VinaCapital.
Consulting - Sun, December 22, 2024 | 2:00 pm GMT+7
Vietnam shipping, seaport stock rally driven by rosy outlook in 2025
Many shipping and port stocks have risen sharply since November on an optimistic outlook for the industry driven by increasing throughput and a shift in container shipping alliances in 2025.
Companies - Sun, December 22, 2024 | 10:00 am GMT+7
Singapore’s Platinum Victory seeks to raise stake in Vietnam’s REE to nearly 45%
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy another 16.8 million shares in Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE), aiming to increase its ownership to nearly 45%.
Finance - Sun, December 22, 2024 | 9:29 am GMT+7
1.8 km road connecting Lach Huyen Port terminals to be built in northern Vietnam
The Hai Phong Economic Zone Management Board has taken a significant step forward in enhancing infrastructure around Lach Huyen Port by establishing a council to appraise the environmental impact assessment for the road connecting terminals No. 3 to No. 6.
Economy - Sun, December 22, 2024 | 8:00 am GMT+7
Hanoi TikToker internationally wanted for involving in multi-billion-dollar scam
Hanoi police have issued an international arrest warrant for Le Khac Ngo, known as "Mr. Hunter," a key accomplice in a recently-dismantled massive foreign exchange and securities fraud ring.
Society - Sat, December 21, 2024 | 10:57 pm GMT+7
Unlocking Phu Quoc’s potential to become the 'Hawaii of the East'
Leading global tourism companies have remarked that Phu Quoc has "yet to receive the recognition it deserves," despite its impressive and unexpected growth rate.
Travel - Sat, December 21, 2024 | 7:20 pm GMT+7
Thai central bank maintains policy interest rate at 2.25%
The Thai Chamber of Commerce (TCC) has said it backs the decision by the Bank of Thailand, the country's central bank, to maintain the policy interest rate at 2.25%, considering the move as suitable for a reviving economy.
Southeast Asia - Sat, December 21, 2024 | 5:43 pm GMT+7
Vietnam's military-run tech giant Viettel strikes big deals at international defence expo
Subsidiaries of Military Industry and Telecommunications Group (Viettel) signed a string of significant contracts with major global partners during the first two days of the Vietnam International Defence Expo 2024 in Hanoi.
Companies - Sat, December 21, 2024 | 5:36 pm GMT+7
Taiwan’s Wistron acquires 37ha land lot in northern Vietnam for expansion
Taiwan-headquartered Wistron, a top electronics provider and an Apple supplier, will further its investment in Vietnam’s northern province of Ha Nam by acquiring another 37.1-hectare land lot.
Companies - Sat, December 21, 2024 | 2:08 pm GMT+7
VAFIE seeks to promote sci-tech development, intellectual property policies
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) aims to enhance policies for the development of science, technology, and intellectual property, creating a more conducive investment environment.
Companies - Sat, December 21, 2024 | 1:59 pm GMT+7
Vietnamese dong likely to depreciate 3% in 2025: VinaCapital
The Vietnamese dong is likely to depreciate 3% in 2025 on anticipation that the US Dollar/DXY Index will finish 2025 nearly unchanged, says Michael Kokalari, chief economist at Vietnam's leading fund manager VinaCapital.
Economy - Sat, December 21, 2024 | 11:23 am GMT+7
First luxury railway journey across Vietnam features Indochine architecture
PYS Travel has launched the first luxury railway journey across Vietnam named Sjourney, marking a new milestone in the railway tourism sector.
Travel - Sat, December 21, 2024 | 10:09 am GMT+7
Vietnam among 40 most beautiful countries: US publication
Vietnam has secured the 36th position in the ranking of the 40 most beautiful countries in 2024 in a testament to its undeniable charm and appeal, according to US News & World Report.
Travel - Sat, December 21, 2024 | 10:04 am GMT+7
Foxconn to invest $16 mln more in Vietnam’s Quang Ninh province
Competition Team Technology (Vietnam) Company Limited, a subsidiary of Foxconn, will invest an extra $16 million in its “S- Vietnam” project in the northern coastal province of Quang Ninh.
Industries - Sat, December 21, 2024 | 9:53 am GMT+7
