The Vietnam Motorcycle Manufacturers Association (VAMM), which includes 5 members – Honda Vietnam Company, Piaggio Vietnam Company, Suzuki Vietnam Company, SYM Vietnam Company, and Yamaha Motor Vietnam Company, has announced its sales figures for the fourth quarter of 2023. During the period from October to December 2023, a total of 681,963 motorcycles were sold nationwide, an increase of 11.68% compared to the third quarter and a decrease of 18.03% compared to the same period in 2022.
For the entire year of 2023, Vietnamese people consumed a total of 2,516,212 motorcycles, a decrease of 16.21% compared to 2022. According to experts’ assessment, the Vietnamese motorcycle market has now entered a saturation phase. Therefore, the decline in motorcycle sales in 2023 is not unexpected.
At the end of 2023 and the beginning of 2024, many motorcycle models were heavily discounted at dealerships, with no price fixing. Specifically, the Honda Vision scooter now has a price of about 31.8 million VND for the Standard version, 33 million VND for the Premium version, 35 million VND for the Exclusive version, and 37 million VND for the Sport version. Compared to the manufacturer’s suggested retail price, this “hot” scooter is actually priced lower by about 200,000 to 1 million VND.
Similarly, the Honda Air Blade scooter is also priced lower than the suggested retail price at dealerships. The Honda Air Blade 125 CBS Special version is priced at 41.5 million VND at dealerships, and the Standard version is priced at 40.5 million VND. The corresponding prices for the Honda Air Blade 160 ABS are 56 million VND for the Standard version.
The premium Honda SH 125i and 160i scooters also do not have price differences at dealerships. The actual selling price of the Honda SH 125i Sport version is 85.5 million VND, while the Standard, Premium, and Exclusive versions are sold at the suggested retail prices of 75 million, 84 million, and 85 million VND, respectively. With the Honda SH 160i, the price at dealerships is reduced by 1-4 million VND, down to 92 million VND for the Standard version and 104 million VND for the Sport version.
In addition to that, the Honda Lead scooter is priced at around 38 million VND for the Standard version, 41 million VND for the Premium version, and 42 million VND for the Exclusive version, which is lower by 700,000 to 1.5 million VND compared to the suggested retail price.
Not only Honda Vietnam, other motorcycle manufacturers are also reducing prices to stimulate demand before the Lunar New Year, such as Suzuki with a discount program of 6-8 million VND for the Satria F150, Raider R150, and Burgman 125. Meanwhile, Yamaha Vietnam is offering a registration fee support of 2-5 million VND for customers purchasing models such as Janus, Grande, Freego, and Exciter 155.
One of the reasons for the simultaneous price reduction of motorcycles is that people are tightening their expenses due to economic difficulties. The fluctuating prices of fuel and the trend of switching to electric motorcycles are also affecting the domestic motorcycle market.
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