The International Financial Company (IFC), a World Bank’s member, has given a €45 million loan to Italian vehicle maker, Piaggio, to expand its production in Vietnam and India.

The loan enables Piaggio to increase the annual capacity of its factory in Vinh Phuc to 100,000 two-wheel vehicles. At the same time, Piaggio’s factories in Baramati, in the Maharashtra state of India will be expanded to produce new products with effective fuel use.

Mr. Roberto Colaninno, the CEO of Piaggio Group, revealed that the group’s strategy is the expansion in new rising markets, especially in Asia, focusing on environmentally friendly and fuel efficient products.

“We will work with the local providers to improve the industrial process, environmental quality and standard”, he added.

Piaggio’s new expansion project is expected to create jobs for 480 Vietnamese labourers and around 300 Indian labourers.

Source: Vietnam+

Translated by Mai Huong