Vietnam now has 49 million motorbikes and 3.2 million automobiles which have been registered, according to the National Traffic Safety Committee.

Vietnam now has 49 million motorbikes and 3.2 million automobiles

Every 1,000 residents own 22 automobiles and 516 motorbikes.

Auto and motorbike purchase demand has strongly increased for the last years. Auto growth rate hits 6.5 percent while motorbike reaches 7.3 percent a year.

In big cities, the growth rate is 15 percent a year for automobiles while 10 percent for motorbikes.

According to reports by Vietnam Automobile Manufacturers’ Association (VAMA), 2017 is a gloomy year of the auto market. Consumption is forecast to reduce compared to 2016 and unable to reach 300,000 automobiles as expectations from manufacturers.

The reduction has been because consumers have been waiting for lower prices in 2018 when import tariff from ASEAN region will reduce to 0 percent.

SGGP