From 1920 when the fascist party came to power in Italy, new regulations for marking jewelry were introduced. Your bracelet was made after 1934, when it was instituted that each silversmith registered was assigned a number, in the center should be the Fascist symbol which is an axe bundled with birch sticks.
If there is no fasces symbol in between the smith's number and town letter, the bracelet would have been made after 1944, in which year, the fasces symbol was obliterated from mark, as a consequences of the failure of the fascist government.
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Serial by: Anonymous
Vi probably does mean Vicenza, other number would be a manufacturers code, not seeing pics
