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’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 Italy’s second largest project in Vietnam, after Piaggio’s factory.

Work on the factory is expected to begin later this year and will 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 in Hanoi’s Hoa Lac Hi-tech Zone.

As Italy’s first overseas pharmaceutical project, the factory is scheduled for completion in late 2009 and will start operation in 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.