Motorbike maker Piaggio plans €26 mln paint shop at Vietnam plant
Italian motorbike manufacturer Piaggio plans to build a new paint shop at its factory in Vietnam by 2027, with an expected investment of €26 million, according to its 2024 financial statements.
The move is part of Piaggio’s climate change response strategy and is expected to reduce carbon emissions by 1,386 tons annually.
A worker at Piaggio's Vietnam plant in Vinh Phuc province. Photo courtesy of Lao Dong (Labor) newspaper.
In terms of business performance in 2024, the company reported global revenue of €1.1 billion and a net profit of €66.8 million, down 12.1% and 26.2% year-on-year, respectively.
The Piaggio Vietnam plant, located in the northern province of Vinh Phuc, manufactures vehicles and engines for the Piaggio and Vespa product lines. In 2024, the plant spent €201 million on materials and parts sourced from 298 suppliers, 70.2% of which were in Vietnam.
Piaggio Vietnam accounts for 70% of the company’s output for the Asia-Pacific market, excluding India.
Piaggio entered Vinh Phuc in 2007 and inaugurated its motorbike factory in June 2009, then its engine factory in March 2012. The two plants were then merged into one 18-hectare Vinh Phuc factory in Binh Xuyen Industrial Park, Binh Xuyen district, with nearly 1,000 employees.
In 2023, the firm received an investment registration certificate to invest an additional $75 million in Vinh Phuc, raising its total investment to $165 million.
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