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Domestic motorcycle output sees a slight increase in the first month of the year. Photo by Han Nguyen. |
According to a report by the Vietnam Motorcycle Manufacturers Association (VAMM), the sales of the five association members in the Vietnamese market in the last quarter of 2023 reached 681,963 units, an increase of 11.68% compared to the third quarter of 2023, but a decrease of 18.03% compared to the same period in 2022.
In cumulative terms, the total motorcycle consumption of the five VAMM members in Vietnam in 2023 was over 2.5 million units, equivalent to a 16.21% decrease compared to the previous year.
Despite the significant decline in sales, motorcycle production and assembly lines in Vietnam remained active even in the first month of the new year. According to a report by the General Statistics Office, an estimated 264,000 motorcycles were produced in Vietnam in January, a slight increase of 7.8% compared to the previous month.
Thus, in the first month of the year, the motorcycle production line in Vietnam showed signs of a slight recovery. Previously, motorcycle production in Vietnam had experienced a decline of more than 18% in output after a period of steady growth, falling from 300,000 units in November 2023 to 244,800 units in the last month of the year.
Compared to the same period in 2022, domestic motorcycle output in the first month of 2024 also increased by more than 10%. In January 2023, the report of the General Statistics Office showed that only 239,800 domestic motorcycles were completed and exported.
| Domestic motorcycle output recovers slightly in the first month | ||||||
| Number of domestic motorcycles manufactured in the last 5 months (Data source: General Statistics Office) | ||||||
| Label | September 2023 | October 2023 | November 2023 | December 2023 | January 2024 | |
| Domestic motorcycle output | Units | 248,300 | 291,000 | 300,000 | 244,800 | 264,000 |
In the past year, the Vietnamese motorcycle market has witnessed significant changes. Honda officially distributed more versions of the Honda Vario, which used to be only available at private motorcycle stores.
Yamaha began officially distributing the XS155R manual clutch model and introduced the PG-1 off-road number model. Meanwhile, Suzuki took a different approach from its competitors in the Vietnamese market by significantly narrowing its motorcycle product range.
The decline in sales is also a reason for the cooling of prices of many scooter models in the Vietnamese market, and the company actively deployed more promotional programs for customers.
For example, the Honda Vision versions from Advanced to Sports are priced at 32.49-36.99 million VND, lower than the listed price of 32.78-36.42 million VND. The classic version of Honda Vision is also being sold below the official proposal and is currently priced at 36.49 million VND at the dealership.
The Honda Vario 160 Special and Sports versions are out of stock at the dealership, while the Standard and Advanced versions are now offered at the same price of VND 45.99 million.
For Yamaha motorcycles, the company is offering a cash incentive of VND 2 million for Vietnamese customers who purchase the Nozza Grande, Janus, Freego, Latte, and NVX models. For the Sirius number models, the incentive is VND 600,000 for car buyers, applicable until February 29.
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