Italian motorcycle manufacturer, Piaggio, plans to invest an additional 26 million Euros (approximately 745 billion VND) in building a new paint shop at its Vietnamese factory, according to the company’s annual report from last year.
Piaggio aims to complete this project by 2027. This investment is part of the company’s climate change adaptation strategy, expected to reduce CO2 emissions by approximately 1,386 tons annually, partly by using LPG instead of diesel. This reduction contributes to the company’s overall goal of a 10% decrease in emissions by 2030 compared to 2022 levels.
Other programs within Piaggio’s emission reduction plan include constructing and utilizing solar energy in their factories and adopting sustainable materials.
In terms of financial performance, Piaggio reported a global revenue of 1.1 billion Euros and a net profit of 66.8 million Euros for 2024. These figures represent a 12.1% and 26.2% decrease, respectively, compared to the previous year.
According to the report, Piaggio’s operations in Vietnam involve manufacturing vehicles and engines for the Piaggio and Vespa brands. In 2024, the Vietnamese factory spent 201 million Euros on raw materials and components from 298 suppliers, with 70.2% of these suppliers being Vietnamese.
Regarding its supply chain, the Italian company stated that Piaggio Vietnam supplies 70% of goods to the Asia-Pacific market (excluding India), mainly exporting completely knocked-down (CKD) assembled vehicles to Indonesia.
Piaggio Vietnam Company Limited is a 100% Italian-owned enterprise that has been present in Vinh Phuc province since 2007, specializing in manufacturing and trading premium motorcycle brands. The company’s two projects commenced operations in June 2009 and November 2012, respectively, spanning an area of 18 hectares in the Binh Xuyen I Industrial Park.
In February 2023, the company adjusted its projects by merging them and increasing its total investment from 90 million USD to 165 million USD. This move aimed to further expand its investment, develop production and business activities, and restructure the project.
The expanded investment also increased the production capacity from 250,000 units/year to 400,000 units/year and the engine production and assembly capacity from 300,000 units/year to 400,000 units/year, making the Piaggio Vinh Phuc factory one of the most important global factories of the group.
Piaggio Vietnam’s operations provide stable employment for over 1,000 workers, significantly contributing to the economic and social development of Vinh Phuc province and Vietnam.
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