The Vietnamese motorcycle market continues to witness a supply-demand imbalance. Photo: Boi Ha

Reports from the Vietnam Motorcycle Manufacturers Association (VAMM) show that in the first quarter, the total sales of its five members reached 634,688 motorcycles, a 15.8% decrease compared to the same period last year and a 23.7% drop from the previous quarter.

Meanwhile, according to the General Statistics Office, Vietnam’s estimated domestic motorcycle production for the first quarter stood at 767,300 units.

This indicates a gap of 132,612 units between production and sales in the Vietnamese motorcycle market during the first three months. Given that Vietnam’s motorcycle exports are estimated at around 50,000 units per quarter (based on Honda’s 207,000 exported units in 2022), the inventory levels in the domestic market remain high.

Vietnamese Motorcycle Market Experiences Sales Decline in Q1
Vietnam’s Motorcycle Sales in Q1 2023, according to VAMM data
Brands January February March
2022 Motorcycle Sales Units 326,171 183,608 243,795
2023 Motorcycle Sales 261,368 174,906 198,414

Last year, VAMM’s reports indicated that Vietnamese consumers purchased a total of over 3 million motorcycles, equivalent to more than 250,263 units per month. Data from the General Statistics Office also revealed that Vietnam’s domestic motorcycle production surpassed 3.3 million units in 2022.

The current supply-demand imbalance has impacted the pricing of motorcycles, particularly scooters, in the Vietnamese market.

The Honda Vision is now selling at a price range of VND 33.39-39.59 million, approaching the manufacturer’s suggested retail price. Moreover, the Honda Air Blade 125, SH 350i, and Vario 160 are being offered below their official suggested prices.

Many Yamaha scooter models are also selling below their listed prices, while the Yamha Freego has seen a price increase of VND 1 million.

Last year, limited supply caused scooter prices to surge in June and July. During that period, the on-the-road price of the Honda Vision reached VND 60 million, and customers still had to wait for delivery.

According to data from MotorCycles Data, motorcycle sales in Vietnam (including electric motorcycles) in the first quarter totaled 726,807 units, a 10.6% decrease year-over-year. Sales of step-through motorcycles dropped by 18.4%, while scooters also witnessed a 5.9% decline in sales.

Elon Musk’s Electric Vehicle Revolution: Uncovering the Supply Chain

In this chapter from the book, “Elon Musk – Powering the World with Electric Vehicles,” readers can delve into the rise of Tesla and its role in fostering a new automotive ecosystem in California.

You may also like

Scooter Prices Take a U-Turn

As of late April, many Honda Vision models are being offered at discounted prices when compared to mid-March, while the Honda Air Blade 125 and various Yamaha scooters are also being sold below suggested retail prices.

The New Honda Motorcycle Price Hike: What’s the Deal?

Honda Vietnam has announced a price adjustment across its entire range of motorcycles, including automatic, semi-automatic, and manual transmission bikes.

Domestic Motorcycle Production Declines in the First Quarter

The domestic motorcycle industry in Vietnam witnessed steady growth month-on-month, yet the overall output in the first quarter fell short of the previous year’s figures for the same period.

The Ultimate Commuter: Honda Vario 125 2023 Edition Debuts in Malaysia, Heading to Vietnam Soon

The 2023 Honda Vario 125 retains its classic style while boasting a host of upgraded features.