UPDATE 2-Piaggio sees slight revenue dip, seeks Asia growth

* 2009 revenues seen at 1.51 bln eur vs 1.57 bln in 2008

* Targets 1.88 bln eur in 2012

* Net debt end-2009 seen at 383 million euros

* To distribute 90 mln euros in dividends over 4 years

(Recasts lead, adds management comments, share price)

MILAN, July 3 (Reuters) - Italian scooter maker Piaggio SpA (PIA.MI) expects revenues to dip slightly in 2009 from last year as it targets 20 percent top-line growth by 2012 on the back of a strong performance in Asia.

Revenues this year will be around 1.51 billion euros ($2.12 billion), Finance Director Michele Pallottini said at a meeting with analysts on Friday. The 2008 figure was 1.57 billion.

The 2009 forecasts for the maker of Vespa scooters should be considered "positive in light of the economic situation", Piaggio Chief Executive Roberto Colaninno said.

In a statement, Piaggio said it was targeting 2012 revenues of 1.88 billion euros along with earnings before interest, tax, depreciation and amortisation (EBITDA) of 248 million euros under a 2009-12 business plan. Pallottini said net debt at the end of 2009 should be 383 million euros from 360 million euros last year. He put revenues in 2011 at around 1.74 billion euros.

The new business plan targets a debt to equity ratio of well below one by 2012.

Piaggio said Asian growth would be achieved by a stronger "direct industrial presence" and increasing the offering of two-wheel and commercial vehicles.

The company plans on investing 90 million to 100 million euros every year.

Piaggio expects to distribute about 90 million euros in dividends over 2009-2012.

At 1100 GMT, Piaggio shares were flat at 1.479 euros.

Piaggio has begun production at its first plant in Vietnam, making inroads in one of the world's biggest scooter markets.

(Reporting by Stephen Jewkes and Danilo Masoni; editing by John Stonestreet)

($1=.7133 Euro)