The Vietnam Motorcycle Manufacturers Association (VAMM), consisting of 5 members – Honda Vietnam Company, Piaggio Vietnam Company, Suzuki Vietnam Company, SYM Vietnam Company, and Yamaha Motor Vietnam Company, have released the sales figures for the fourth quarter of 2023. In the period from October to December 2023, a total of 681,963 motorcycles were sold nationwide, showing an 11.68% increase compared to the third quarter and an 18.03% decrease compared to the same period in 2022.
For the entire year of 2023, a total of 2,516,212 motorcycles were consumed by Vietnamese people, indicating a 16.21% decrease compared to 2022. Experts believe that the Vietnamese motorcycle market has now reached a saturation point, which explains the decline in motorcycle sales in 2023.
Towards the end of 2023 and the beginning of 2024, many motorcycle models were heavily discounted at dealerships, with no fixed prices. Specifically, the Honda Vision scooter is now priced at around 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. These prices are lower by about 200,000 to 1 million VND compared to the manufacturer’s suggested retail price.
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 sold for 41.5 million VND, while 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 have no price difference at dealerships. The actual selling price for 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 Honda Vietnam, other motorcycle manufacturers are also reducing prices to stimulate demand before the Lunar New Year. For example, Suzuki has a discount program of 6-8 million VND for the Satria F150, Raider R150, and Burgman 125. Meanwhile, Yamaha Vietnam is offering 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 cutting their expenses due to economic difficulties. The fluctuating fuel prices and the trend of switching to electric motorcycles are also affecting the domestic motorcycle market.
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