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December saw a notable decline in domestic motorcycle output in Vietnam. Photo: Honda. |
According to estimates from the General Statistics Office of Vietnam, the domestic motorcycle production in the country experienced a significant drop in the final month of 2023.
Specifically, in December 2023, the total number of motorcycles manufactured by domestic assembly lines was estimated at 262,000 units, representing a 13% decrease compared to the previous month’s output. This figure also reflects a 28% decline when compared to the production volume recorded in December 2022.
For the full year of 2023, cumulative motorcycle production in Vietnam is estimated to have reached over 3.14 million units, indicating a 12.6% drop compared to the figures from 2022.
The decline in motorcycle manufacturing during the last quarter of 2023 comes as a surprise, as this period typically sees a ramp-up in production to meet the festive season demand. In the last quarter of 2022, for instance, the average monthly motorcycle production stood at over 342,300 units, as per data released by the General Statistics Office.
However, it is worth noting that the lower production volume in December 2023 could be partly attributed to relatively weak market demand.
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Both production and sales of motorcycles in Vietnam witnessed a decline in 2023. Photo: Boi Ha. |
According to a report by the Vietnam Automobile Manufacturers Association (VAMA), the combined sales of its five members in the third quarter of 2023 stood at 610,635 units. While this reflects a growth compared to the previous quarter, it is nearly 20% lower than the sales volume achieved in the corresponding period in 2022.
The five members of VAMA include Honda Vietnam, Piaggio Vietnam, Vietnam Suzuki, SYM Vietnam, and Yamaha Motor Vietnam. It is important to note that the sales figures reported by VAMA represent the total sales of these five members in the Vietnamese market and do not include export numbers.
In 2022, the total motorcycle sales in Vietnam, as reported by VAMA, exceeded 3 million units, translating to a remarkable growth of over 120% compared to the sales achieved by the association’s five members in 2021.
As of the third quarter of 2023, the combined sales of the five VAMA members in the Vietnamese market stood at over 1.8 million units, marking a 16% decline year-on-year. Based on this trend, the Vietnamese motorcycle market is expected to reach sales of approximately 2.4 million units for the full year of 2023, equivalent to around 80% of the previous year’s sales volume.
According to observations at motorcycle dealerships, the actual selling prices of popular models such as the Honda SH, SH Mode, Honda Vision, and Yamaha Exciter have been reduced by a few million dong compared to the listed prices, in an effort to stimulate market demand.
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