Italy’s Carvico Group, the world’s leading producer of sports clothing materials, will invest US$18 million in the construction of a factory in the northern province of Hung Yen, according to the Italian Embassy in Vietnam.
This is Carvico’s first overseas investment project and represents Italy’s second-largest project in Vietnam, after Piaggio’s factory. Work on the facility is expected to commence later this year and be completed by mid-2009.
The Italian Embassy added that the Medexport Association, which includes six Italian pharmaceutical companies, has been granted a license to build a US$6 million factory at the Hoa Lac Hi-tech Zone in Hanoi.
As Italy’s first overseas pharmaceutical project, the factory is scheduled to be completed in late 2009 and will commence operation the following year.
By the end of October, five Italian projects had been given the go-ahead in Vietnam, with a total registered investment capital of more than US$19.2 million.