Domestic Motorcycle Production Declines in the First Quarter

Domestic motorcycle output in the first quarter was lower than the same period last year. Photo: Han Nguyen.

The latest report from the General Statistics Office shows that in March, it is estimated that Vietnam completed the production of 273,700 motorcycles from domestic assembly lines. Compared to the previous month, motorcycle production in our country recorded a growth rate of 7.84% in capacity.

Although motorcycle output has maintained a stable growth rate from the beginning of the year up to now, the total number of motorcycles produced in our country in the first quarter is estimated at only 767,300 units, down 13.8% over the same period last year.

In the first quarter of 2022, the total number of domestically assembled motorcycles in our country reached 830,900 units. Of which, the low point of production took place in February/2022 when the output of domestic motorcycles in this period reached only 204,500 units.

At the beginning of this year, the output of domestic motorcycles in Vietnam also unexpectedly plummeted with only 239,800 units, equivalent to a drop of 32.26% compared to the production figure of 354,000 units recorded in December/2022.

However, motorcycle production in our country has shown significant signs of recovery as output has grown month by month.

If the growth rate is maintained in the remaining period of this year, the supply of motorcycles in Vietnam will be able to maintain a high level, creating a premise for the actual selling price of the models to approach the proposed retail price.

Last year, two declines in domestic motorcycle output occurred in February/2022 and June-July/2022, causing a significant restriction on the supply of motorcycles in the Vietnamese market.

The actual selling price in the middle of last year of many scooter models recorded a large difference compared to the official price. Photo: Boi Ha.

At that time, the selling price of many models, especially popular scooter models, saw a significant increase in the middle months of the year.

In July/2022, the driving price of the Honda Vision once peaked when consumers had to accept to spend nearly 60 million VND to be able to drive this scooter model.

Recently, Honda Vietnam also announced an adjustment in the selling price of almost all motorcycle products in the domestic market. Specifically, the proposed retail price of number bikes, scooters, manual bikes, and motorcycles has increased, ranging from a minimum of VND 300,000 to a maximum of VND 2 million.

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