Over 2 million motorbikes manufactured in Vietnam in 8 months

Some 280,500 was made in August alone, down 5.8% from July but a 30.9% increase from a year ago.

The high production levels last month surprised many experts, as consumer demand typically drops in around that time of the year.

Despite the increase in production, domestic sales have not met expectations. Only 1.2 million new motorcycles were sold in the first six months of 2024, a 1.4% decrease compared to the same period in 2023, according to the Vietnam Association of Motorcycle Manufacturers, which consists of Honda, Piaggio, Suzuki, SYM, and Yamaha.

This is a sign that consumers are limiting their spending amid economic difficulties.

Among the association members, Honda is the largest manufacturer with 27 models and a 70% market share in Vietnam. Yamaha also boasts 27 models, while SYM has 12, Suzuki 23 and Piaggio 10.

Competition has intensified as these manufacturers have been forced to lower prices and introduce promotional campaigns to stimulate demand.

Motorcycle manufacturers in Vietnam have been actively boosting exports to offet weak domestic demand.

Many locally produced models are now being exported globally as complete built-up (CBU) vehicles, fueling growth in the motorcycle industry.