The information was shared at a meeting between Mai Hung Dung, Standing Vice Chairman of Binh Duong People's Committee, and Bonnie Tu, chairperson of Giant Group, on April 22.

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.

"During our time in Binh Duong, Giant Group has identified many opportunities to scale up its operations and development. Provincial authorities have consistently supported the group," she said.

Tu said the group will build another manufacturing factory in VSIP III with an investment of $120 million. Hopefully, provincial leaders will continue to support the group in completing legal procedures to carry out the project on schedule, she added.

In response, Dung lauded Giant's expansion plan, and directed relevant departments to accelerate the project's implementation. He stated that Binh Duong is committed to promoting efficient production and investment.

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.