Piaggio Vietnam Co. Ltd, an Italian-invested motorcycle manufacturer, is expanding its operations in the northern province of Vinh Phuc by increasing its investment by $75 million to $165 million. The company recently received an investment adjustment registration certificate from the Vinh Phuc management board of industrial parks on February 21.
Piaggio Vietnam established a motorcycle assembly plant in the Binh Xuyen Industrial Park in June 2009, followed by an engine production factory in March 2012, also in the same industrial park. The combined initial investment in the two projects was $90 million, covering over 18.9 hectares.
To further develop its production and business activities, Piaggio Vietnam has merged the two projects and invested an additional $75 million to raise motorcycle production and assembly capacity to 400,000 units annually from 250,000. Engine production will also increase to 400,000 units each year from 300,000.
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.
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Source: Vietnam Insider