Fewer motorcycles purchased locally in 2019

The consumption of motorcycles on the local market amounted to over three million units last year, down 3.8% against 2018.

Fewer motorcycles purchased locally in 2019
Motorcyclists cross an overpass in HCMC. The consumption of motorcycles on the local market amounted to over three million units last year, down 3.8% against 2018 – PHOTO: VNA

Statistics from the Vietnam Association of Motorcycle Manufacturers (VAMM) indicate that in 2019, five members of VAMM, Honda, Yamaha, Suzuki, Piaggio and SYM, sold a combined 3.3 million motorbikes of all types, down 131,130 units, or 3.8% against 2018.

After the strong rise in consumption of motorbikes in the 2017-2018 period, the motorcycle market showed signs of a slowdown.

Last year, Vietnamese customers purchased over 8,910 motorbikes each day, falling by 359 units from the 2018 figure.

Some experts attributed the decline in consumption of motorbikes last year to worsening air pollution and traffic jams mainly caused by the large number of motorbikes on roads.

Besides this, the emergence of electric motorbikes and the strong growth of the automobile market contributed to the fall in motorbike consumption last year.

 

The purchase of motorcycles is expected to continue to decline in the coming months, some experts noted.

However, sales of motorbikes in 2019 could have been higher than the figure released by VAMM as, in addition to VAMM members, the local market supported 10 other motorbike distributors and tens of motorcycle trading firms.

These firms mainly imported motorbikes from Thailand, China, Indonesia and India. Aside from this, VinFast bikes were put up for sale on the local market in 2019.

Scooters, currently holding a market share of 45% in Vietnam, have become popular among Vietnamese customers, according to motorcycle trading firms. As such, many major motorcycle manufacturers such as Yamaha and Honda have focused on renewing and renovating their scooter models.

Despite the slowdown in motorbike consumption, Vietnam still takes the fourth position in the world for motorcycle consumption, after India, China and Indonesia, according to statistics from MotorCycles Data. SGT

 
 

Other News

.
Banks forecast lower profit and credit growth rates
Banks forecast lower profit and credit growth rates
BUSINESSicon  30/07/2020 

Domestic activities have returned to normal, but Vietnam’s major partner economies are still affected by the Covid-19 pandemic.

Pepper export turnover hits $385 million by mid-July
Pepper export turnover hits $385 million by mid-July
BUSINESSicon  29/07/2020 

Vietnam exported over 182,000 tonnes of pepper worth 385 million USD as of mid-July, according to the General Department of Customs.

ASEAN membership fuels Vietnam’s trade with regional markets
ASEAN membership fuels Vietnam’s trade with regional markets
BUSINESSicon  29/07/2020 

Vietnam’s participation in ASEAN 25 years ago has helped the country enjoy strong growth in trade with other member nations.

Despite Covid-19, Vietnam exporters still find new markets
Despite Covid-19, Vietnam exporters still find new markets
BUSINESSicon  29/07/2020 

Vietnam’s fruit exporters has been striving to sell to new markets because they understand that reliance on the Chinese market will bring high risks.

Garment, footwear and woodwork companies look forward to receiving orders in H2
Garment, footwear and woodwork companies look forward to receiving orders in H2
BUSINESSicon  29/07/2020 

After half a year of struggling to survive difficulties caused by Covid-19, Vietnamese enterprises are hoping that more orders will come over the next six months.

Banks face exchange-rate risks when issuing international bonds
Banks face exchange-rate risks when issuing international bonds
BUSINESSicon  29/07/2020 

Many commercial banks have presented plans at shareholder meetings to issue bonds in the international market.

Face mask prices on the rise
Face mask prices on the rise
BUSINESSicon  29/07/2020 

The price of medical masks is on the rise after two new COVID-19 cases were confirmed on Sunday evening, bringing the total number of community infections linked to Da Nang and Quang Ngai to four in the past three days.

Group set up to inspect VN pork market
Group set up to inspect VN pork market
BUSINESSicon  29/07/2020 

The Ministry of Industry and Trade has founded a group to inspect the pork market which saw prices at high levels since the end of 2019 despite the Government’s effort to increase supply to make up for the drops caused by African swine fever.

Start-up investment in Southeast Asian doubles despite COVID-19
Start-up investment in Southeast Asian doubles despite COVID-19
BUSINESSicon  29/07/2020 

Investment in start-ups in Southeast Asia soared in the second quarter of this year despite the COVID-19 pandemic, led by e-commerce and fintech companies.

Decree takes effect in September to raise standards for corporate bond market
Decree takes effect in September to raise standards for corporate bond market
BUSINESSicon  29/07/2020 

The Government’s Decree 81, which comes into effect on September 1, will help raise the corporate bond market standards and remove low-quality issuers to better protect investors.

First protocol amending ASEAN Trade in Goods Agreement approved
First protocol amending ASEAN Trade in Goods Agreement approved
BUSINESSicon  28/07/2020 

The Government has issued a resolution approving the first protocol that amends the ASEAN Trade in Goods Agreement (ATIGA).

VN securities firms enjoy strong Q2 gains
VN securities firms enjoy strong Q2 gains
BUSINESSicon  28/07/2020 

After touching bottom in the first quarter of 2020 because of COVID-19, Vietnam’s stock market staged a strong comeback in the following quarter, allowing securities firms to enjoy sharp increases in both revenue and profit.

Local airlines open new domestic air routes to increase revenue
Local airlines open new domestic air routes to increase revenue
BUSINESSicon  28/07/2020 

To offset the decline in revenue from international flights, airlines have been trying to exploit more domestic air routes.

Vietnam's trade surplus continued to grow in H1 despite Covid-19
Vietnam's trade surplus continued to grow in H1 despite Covid-19
BUSINESSicon  28/07/2020 

The trade surplus soared in the first six months, though the GDP rate grew by only 0.36 percent in Q2 as Covid-19 escalated in many countries.

VN banks still make high profits, though businesses hit hard by Covid-19
VN banks still make high profits, though businesses hit hard by Covid-19
BUSINESSicon  28/07/2020 

Applying drastic measures to cut costs and ease reliance on capital sources, commercial banks continued to make profits in the first half if the year, However, they have been warned of bad debts ahead.

Vietnam's catfish industry experiencing tough days, no improvement expected this year
Vietnam's catfish industry experiencing tough days, no improvement expected this year
BUSINESSicon  28/07/2020 

Catfish products saw the strongest decline among seafood exports in the first six months of the year. With weak demand, a gloomy year is anticipated for the industry.

Gold prices hit all-time high
Gold prices hit all-time high
BUSINESSicon  27/07/2020 

Gold prices soared near VND57 million (US$2,486) per tael (1.2 ounces) on the local market on first day of the week while the yellow metal also made its history in prices, hitting an all-time high.

Hanoi removes barriers to investment in high-tech agriculture
Hanoi removes barriers to investment in high-tech agriculture
BUSINESSicon  28/07/2020 

Hanoi’s farming sector has proposed that the city adjust the mechanisms and policies to promote marketing and branding of high-tech agricultural products.

Resurgence of Covid-19 further thwarts Danang's economic recovery
Resurgence of Covid-19 further thwarts Danang's economic recovery
BUSINESSicon  27/07/2020 

The complicated progression of Covid-19 in Danang has dealt a blow to the city’s efforts to grow its economy this year and may drag Vietnam's economic recovery.

Asia-Pacific investment volumes in real estate fall due to COVID-19
Asia-Pacific investment volumes in real estate fall due to COVID-19
BUSINESSicon  28/07/2020 

Asia Pacific’s commercial real estate market has felt the brunt of COVID-19 so far this year, with a sharp decline in investment volumes and rental prices across most major commercial asset classes, according to real estate services firm JLL.

 
 
 
Leave your comment on an article

OR QUICK LOGIN