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October motorcycle sales down 4.6% y-o-y

Released at: 11:14, 15/11/2019

October motorcycle sales down 4.6% y-o-y

Photo: MotorCycles Data

Year-to-date figure down 4.8% year-on-year, according to MotorCycles Data.

by Phi Linh

Motorcycle sales in Vietnam were down 4.6 per cent in October against October 2018, confirming the moderately negative trend seen this year, according to the latest report from MotorCycles Data.

Honda, at the top of the list, saw stable sales while all other leading players posted declines, with Yamaha’s down a substantial 24.7 per cent. New local electric vehicle manufacturer, VinFast, has been welcomed by the market.

According to the Ministry of Transportation, sales this year have been down since early on, with first quarter sales of 757,140 down 6.2 per cent year-on-year. In the second quarter sales improved marginally, with the first half seeing 1,491,332 sales, down 5.3 per cent year-on-year.

Third quarter sales then declined 4.4 per cent year-on-year.

October sales were down 6.1 per cent against September, with the year-to-date figure standing at 2,641,000 units, down 4.8 per cent year-on-year.

After a slow start to the year, market leader Honda has virtually recovered all lost sales from the first part of the year and after ten months sales were down a mere 0.3 per cent year-on-year. It holds a market share of 78.6 per cent, with 2.06 million sales.

Meantime, major challenger Yamaha’s sales are down 22.5 per cent against the first ten months of last year. It has recently launched two new models in a bid to recovery ground, but the effect won’t be known for a few months.

In third place was SYM, with sales up 4.5 per cent, followed by Piaggio, down 2.2 per cent, and Suzuki, down 3.4 per cent.

Among imported brands, Benelli has shone, while VinFast saw huge interest and early success.

Vietnam’s two-wheeler industry is the fourth-largest in the world, dominated by five main producers - Honda, Yamaha, Suzuki, SYM, and Piaggio - which hold over 97 per cent of the market, including both locally-produced and imported vehicles.

Following the stable growth reported in the last four years, the market started 2019 on a low note and the negativity has largely remained.

In no other economic or industrial sector has Vietnam achieved the relevance it has in the global two-wheeler industry.

While several industries are rapidly growing in the country and are gaining ground within ASEAN, Vietnam’s motorcycle market is the fourth-largest market in the world, with over 3 million vehicles sold each year. Honda, Suzuki Yamaha, SYM, and Piaggio produce over 3 million units each year, primarily for the domestic market.

The market posted its best sales in eight years in 2018. The 2011 record of 4.4 million units sold remains in place.

In 2018, the market saw its fourth annual increase in sales in a row, with 3.38 million units sold (including locally-produced and imported) and was behind only India, China, and Indonesia, but 1.4 million units ahead of its closest follower, the Philippines.

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