According to the latest report from the General Statistics Office, domestic companies in Vietnam produced approximately 280,500 new motorcycles in August. While this represents a 5.8% decrease compared to July, it marks a 30.9% increase year-on-year, highlighting the positive growth trend in Vietnam’s motorcycle manufacturing industry.

In the first eight months of 2024, Vietnam produced a total of 2,022,500 new motorcycles, a 6.9% increase compared to the same period last year. This growth trend is particularly encouraging considering that August is typically a period of decreased consumer demand. The seventh month of the Vietnamese lunar calendar, known as Ngau, is considered inauspicious, and people generally avoid purchasing big-ticket items during this time.

Despite the increase in production, domestic sales have not met expectations. Data from the Vietnam Association of Motorcycle Manufacturers (VAMM) shows that only 1,206,872 new motorcycles were sold in the first six months of 2024, a 1.4% decrease compared to the same period in 2023. This downward trend suggests that domestic consumers are limiting their spending amid economic challenges.

VAMM currently comprises five major members: Honda, Yamaha, SYM, Suzuki, and Piaggio. Honda is the largest manufacturer, with 27 models and a 70% market share in Vietnam. Yamaha also offers 27 models, while SYM has 12, Suzuki 23, and Piaggio 10. Market competition is intensifying as these manufacturers are forced to lower prices and launch promotional campaigns to stimulate demand.

In addition to serving the domestic market, Vietnamese motorcycle manufacturers are actively expanding their exports. Many locally produced models are now being exported as completely built-up (CBU) motorcycles globally, helping to offset weak domestic demand and driving continued growth in the motorcycle industry.

The electric motorcycle sector is emerging as a new trend. Companies including VinFast, DatBike, Pega, Yadea, and Detech have entered the electric vehicle market with various models. These companies aim to lead the trend towards clean and environmentally friendly transportation. Although specific sales data from these manufacturers is not yet available, the increasing shift of consumers towards electric motorcycles is a positive sign for Vietnam’s electric vehicle market.

Local electric motorcycle manufacturers are pushing to export their products to international markets, particularly targeting countries with high demand for electric vehicles. This development aligns with Vietnam’s environmental protection policies and meets the growing consumer interest in green transportation solutions.

Key Points:

1. Vietnam produced 280,500 new motorcycles in August 2024, a 30.9% year-on-year increase.
2. Motorcycle production in Vietnam reached 2,022,500 units in the first eight months of 2024, a 6.9% year-on-year increase.
3. Domestic sales have not met expectations, with a 1.4% decrease in the first six months of 2024 compared to the same period last year.
4. Honda holds a 70% market share in Vietnam’s motorcycle market, making it the largest manufacturer.
5. Vietnamese motorcycle manufacturers are actively expanding exports to offset weak domestic demand.
6. The electric motorcycle market is on the rise, with several local and international brands entering the sector.
7. Local electric motorcycle manufacturers are seeking to expand into international markets.
8. Experts suggest that the motorcycle industry should focus on developing environmentally friendly products and expanding export markets.

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