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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.
With the funding, Piaggio — one of the world’s
leading manufacturers of scooters and motorbikes — is planning to raise the
capacity of the plant in the Vietnamese 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 and contributed 332 billion VND (17.2 million USD) to the
Vietnamese State budget, after producing 22,300 Vespa motorbikes, over 7,000
more than it expected.
