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Vietnam assembled over 3.3 million motorcycles in 2022. Photo: Honda Vietnam. |
According to the General Statistics Office, an estimated 351,100 motorcycles were produced in December, a slight decrease of 0.8% from November’s 353,900 but a 4.4% increase year-on-year.
Cumulative from the beginning of the year, domestic motorcycle production in Vietnam is estimated to have exceeded 3.32 million units, up 9.9% from 2021.
In the fourth quarter alone, the country is estimated to have produced and assembled over 1 million motorcycles, 33.3% higher than in the third quarter and a 19.8% increase year-on-year.
| Motorcycle supply grew strongly in the second half of 2022 | |||||||||||||
| Number of domestically assembled motorcycles in 2022 (Data: General Statistics Office) | |||||||||||||
| Label | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec (Estimated) | |
| Domestic motorcycle output | unit | 332900 | 204500 | 303500 | 274500 | 232500 | 208900 | 208200 | 259300 | 284800 | 319200 | 353900 | 351100 |
Thus, after a period of fluctuation in the first six months, domestic motorcycle production in Vietnam has grown steadily in the second half of 2022, with only a slight dip in December.
Earlier, the number of motorcycles rolled out in Vietnam fell by 118,400 units in February before entering a downward spiral for four consecutive months.
This period also saw many motorcycle models, especially scooters, facing severe shortages, causing prices to surge by tens of millions of dong at dealerships.
Specifically, the peak price of the Honda Vision was reached in June and July. At this time, the on-the-road price of Honda’s best-selling scooter model touched VND60 million in some regions. The shortage was so severe that even if customers were willing to pay a premium, they would still have to wait a long time to receive their vehicle.
In a slightly better situation, the Yamaha Grande in the first weeks of July was sold at a premium of only about VND7 million compared to the listed price, while the Janus was sold at a premium of up to VND8.4 million.
However, as the supply chain situation improved, domestic motorcycle production and assembly lines gradually recovered. As a result, the number of domestic motorcycles began to increase from August and reached its peak just before December.
The average growth rate of 11.3% in the last six months of 2022 has helped ensure a plentiful supply of motorcycles to the domestic market. As a result, the prices of models that had previously faced shortages and price increases have gradually returned to stable levels.
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Motorcycle prices, especially scooters, have generally stabilized. Photo: Phuc Hau. |
Honda Vietnam had not reported sales figures for its scooter group for four consecutive months before confirming that the Vision had returned to its position as the company’s best-selling model in August.
Meanwhile, according to data released by the Vietnam Motorcycle Manufacturers Association (VAMM), total sales of its members in the third quarter reached 762,152 units, up 16.3% from the previous quarter.
Cumulatively from the beginning of the year, VAMM members sold a total of over 2.17 million motorcycles. If we consider only the first three quarters, the average daily motorcycle consumption of Vietnamese people has almost reached 8,000 units.
Based on sales data from previous quarters, combined with abundant supply and improved purchasing power in the fourth quarter, many experts believe that the total sales of VAMM members may reach 2.7 million units or, more optimistically, 3 million units by the end of 2022.
In its report, VAMM noted that the aforementioned cumulative sales figure only records the total sales of the five VAMM members in the Vietnamese market and does not include production figures or export numbers.
The five VAMM members include Honda Vietnam, Piaggio Vietnam, Vietnam Suzuki, SYM Vietnam, and Yamaha Motor Vietnam.
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