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Wednesday, October 10, 2007 : 0300 Hrs |
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Business
HANOI, (Xinhua): The Italian Piaggio Group will invest $30 million in developing a factory in Vietnam's northern Vinh Phuc province, local newspaper Vietnam News reported on Tuesday.
The factory is expected to annually manufacture over 50,000 scooters branded Vespa, and release its first products by the end of 2009.
When receiving Italian Deputy Prime Minister and Foreign Minister, Massimo D'Alema, in Hanoi capital on Monday, Vietnamese State President, Nguyen Minh Triet, said he was pleased at the opening of Piaggio's factory with the hope that many Italian businesses would follow suit, the report said.
At a meeting between Vietnamese Deputy Prime Minister and Foreign Minister, Pham Gia Khiem, and his visiting Italian counterpart also on Monday, the Italian official asserted that his country hoped to further cooperate with Vietnam in infrastructure development, food-processing, mechanics, tourism and cultural preservation.
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