Piaggio will also begin to operate its plant near Hanoi, Vietnam. Since June 2009, Piaggio had recorded a net profit of up to three-fold to 133.2 million euros in 2010 from the position in 2008 that only 45.2 million euros. Growth in sales of motorcycles in Vietnam is a boon to the Italian brand.
"Now this is an important time for the group. We strengthen the foundation to become one of the major Italian player in Asia," said Roberto Colaninno, Chairman and Chief Executive Officer of the Piaggio Group.
Piaggio has set aside 150 million euros for investment in Asia between 2011 and 2014. Of those funds, 30 million euros has already been spent in Vietnam and there will be an additional 60 million euros next. The remaining 90 million euros will be immersed in India, to build a new factory.
No penny of investment into Indonesia. Piaggio has come to Indonesia and intends to market only products that are assembled in Vietnam from mid-2011.