Vietnam’s motorcycle market has shown positive signs after a period of stagnation, expected to heat up in the year-end peak shopping season.

Honda continues to maintain its dominant position in the market with sales of 554,805 motorbikes in the third quarter of this year, equivalent to an 80.8 per cent market share.

Motorbike prices are still low because of high inventories, and dealers are running big sale promotions to attract more buyers.

Vietnam boasts the largest share (96%) of motorbike and moped users among passenger vehicles of all types compared to other countries in Southeast Asia, according to Seasia Stats.

In the first half of 2024, Vietnam's domestic enterprises manufactured approximately 1.45 million new motorbikes.

The Vietnamese motorbike market is quiet as demand is weak. However, motorbike dealers are still quoting high selling prices which are even more than manufacturers' suggested retail prices (MSRP).

Vietnam remains the world's leading motorbike market, with over two-thirds of adults owning two-wheeled vehicles.

Despite motorcycle sales continuing to decline in the first quarter of the year, the nation remains the second largest motorcycle market in all of Southeast Asia and the fourth worldwide.

This shift was driven by several factors, including a decline in market demand and a need for innovation and differentiation.

Manufacturers are engaging in price competition, and dealers are proactively reducing prices on various motorcycle models, ranging from a few million to tens of millions of VND, depending on the model.

In stark contrast to the same period last year, the going rate of numerous scooter models in the Vietnamese market has demonstrated remarkable steadiness.

After a year of selling used motorbikes through the Online to Offline (O2O) business model, the first OKXE Motorbike Service Station in Ho Chi Minh City has begun to officially provide new motorbikes.