- February 22, 2023
- Posted by: GBS
- Category: Business
Piaggio Vietnam Co. Ltd, an Italian-invested motorcycle manufacturer, is expanding its operations in the northern province of Vinh Phuc with a raised investment of 75 million USD, totaling 165 million USD.
The Vinh Phuc management board of industrial parks granted the company a certificate for its investment adjustment registration on February 21.
Piaggio Vietnam established a motorcycle assembly plant in Binh Xuyen district’s Binh Xuyen Industrial Park in June 2009. In March 2012, the company introduced an engine production facility in the same industrial park. These two initiatives covered over 18.9 hectares and had a combined initial investment of 90 million USD.
Related: How Foreign Companies Can Start a Business in Vietnam?
Piaggio Vietnam plans to combine these projects and invest an additional 75 million USD to increase motorcycle production and assembly capacity to 400,000 units per year, up from 250,000 units. The company will also increase engine production to 400,000 units annually, up from 300,000. These efforts will enable the company to continue developing its production and business activities.
Vietnam is a large and diverse country with several industries thriving. As Vietnam moves from agriculture to service to high-tech manufacturing, certain industries are becoming more prominent than others due to increased investment and government incentives.
As a foreign investor, you can begin to establish a business in Vietnam by incorporating/ registering or by establishing a limited liability company, a joint stock company, a branch office or a representative office in accordance with the Law on enterprise of Vietnam.