At the meeting, Bonnie Tu said that Giant Group already has a factory in VSIP II-A with a first-phase investment of $60 million. The factory will have an annual capacity of one million bicycles.The latest investment also signifies Giant Group's efforts to build its supply chain in Vietnam for both domestic consumption and export. According to Statista, the bicycle market in Vietnam has been experiencing significant growth. Revenue in the market is expected to show an annual growth rate (CAGR 2024-2028) of 2.98 per cent, resulting in a projected market value of $99.94 million by 2028.In 2024, the bicycle industry will need to address excess inventories challenge and the uncertainties of the general economic environment, but Europe and North America continue to show strong demands for performance-level products, and the new cycling culture in China will continue to support further business growth. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam News