The government in the Northern Province of Vinh Phuc and Piaggio directors announced the kick-off of Piaggio's second phase of investment in Vietnam.
Soon after its launch in Vietnam in June 2009, Piaggio successfully achieved all its initial objectives. Thanks to this success, the Italian brand has now stepped up speed by establishing Vietnam as the launch pad for its presence in Asia.
Since the completion of its first US$30 million factory in June 2009, Piaggio Vietnam has successfully accomplished its task to be now the first Italian investor in Vietnam.
With this new $ 40 million investment in production and Research& Development, the group reinforces its position as the biggest Italian economic factor in the region, taking full advantage of the excellent strategic base that is Vietnam.
Piaggio Vietnam has also decided to expand and upgrade the 26.000 square-meter existing plant for its Group Research and Development Center. This is a powerful symbol of the group‘s ambitions for the times to come.
The new R&D center will be fully dedicated to the development of new vehicle concepts aimed at Asian consumer needs. It highlights Piaggio’s commitment to invest in value-added products and innovative designs in Vietnam. It also demonstrates the company’s dedication to enhance the role of the Vietnam hub in its worldwide strategy.
To strengthen its success and continue to grow, Piaggio strongly reinforces its production capacities in Vietnam by building a new facility on its site in Vinh Phuc province. With this new 20.000 square meter industrial structure, implementing the best of Piaggio’s technologies and processes, the Group will be able to raise the production from 100 000 units per year to 300 000 by mid 2012.
In addition, a new spare-part warehouse to improve after sales services will be opened. These significant steps are made in order to respond to the Vietnamese growing demand as well as the Southeast Asian market. Piaggio models are indeed in great demand in Japan, Thailand, Malaysia and Korea and raise a growing interest in Australia, Indonesia and Taiwan, where the Made-in-Vietnam will be launched later this year.
To seduce discerning consumers, the group offers the best of Italian design and mechanical knowhow, without any compromise. Piaggio Vietnam offers a new 2011 range of Premium products, with the introduction of the fuel injection engine on all high-end models: the Vespa LX 125/150 i.e., the Vespa S 125/150 i.e., the Piaggio Liberty i.e. Piaggio also launches the ZIP 100, a highly competitive model specially re-fitted to adapt to Vietnamese needs.
This new generation of products meet the demands of consumers looking for premium brands with a unique style, incorporating the latest technologies.
This major investment for Piaggio is also a great opportunity for the area. The project will create new and qualified jobs, with a total workforce reaching up to 1000 employees by the end of 2012. The countdown starts now; 14 months will elapse from today’s ceremony until the launch of the new site in June 2012.
Mr. Trinh Dinh Dung, Vice-Minister of Ministry of Construction; Mr. Pham Van Vong, Members of the Party Central Committee, Party Secretary of the northern province of Vinh Phuc; Mr. Phung Quang Hung, Chairman of Vinh Phuc province People’s Committee; Mr. Reberto Colannino, Piaggio Chairman and Chief Executive Officer ; Mr. Costantino Sambuy, Piaggio’s Vietnam Président attended the event.