Vietnam electric motorbike market makes waves

By Lien Thuong, Minh Ngoc
Sat, May 28, 2022 | 12:32 pm GMT+7
An electric motorbike made by Dat Bike, a Vietnamese startup. Photo courtesy of the company.

An electric motorbike made by Dat Bike, a Vietnamese startup. Photo courtesy of the company.

Vietnam is the world's second-largest electric motorbike market, trailing China and accounting for 10% of the world’s sales in 2021, according to a world-famous motorcycle review site.

Electric motorbikes in Vietnam are growing 50% in terms of output and sales and will eventually surpass gasoline-powered motorbikes due to growing environmental concerns and surging gasoline prices, motorcyclesdata.com said in a new report.

The Vietnamese e-bike market is thriving, with the emergence of domestic makers like VinFast, Datbike, Arevo, and Pega, as well as foreign brands including Yadea, Dibao, and MBigo.

VinFast is taking the lead. Its sales have climbed significantly since the beginning of 2022, with an average of roughly 15,000 vehicles sold per month, three times higher than the same period in 2021, company data shows.

Yamaha Vietnam, a major player in gasoline motorcycle business, began manufacturing and assembling Yamaha Neo'S electric bikes in March 2022 at a factory in Hanoi, with a daily capacity of 50 vehicles.

Honda Vietnam, the biggest motorbike producer in Vietnam, is promoting the country's e-bike development by donating 180 electric motorcycles to the National Traffic Safety Committee and the University of Transport Technology for research purposes, as well as delivering 70 to Vietnam Post to test a delivery electric vehicle project.

Experts say the electric motorbike industry is growing, but challenges including speed, lack of charging stations, durability, mobility limits after each power charge, and battery usage policies will take time to resolve.

Electric vehicles, however, continue to benefit from tax and registration fee savings. This is a further plus for the electric motorbike sector to flourish and establish itself as a new trend.

Gasoline motorcycles have long been a part of Vietnamese people's transportation habits, meeting 80% of daily transport demand.

There have been many forecasts about motorbike market saturation in the country since 2019. Three consecutive years 2019-2021 saw a free fall of total market sales. It was 2.8 million in 2021, down 4.7% year-on-year, the lowest in 15 years and significantly down compared to 2018's 3.5 million and the all-time high of 4.4 million in 2011.

The lower sales in 2021 was partly due to the Covid-19 pandemic, supply chain disruptions and price inflation.

Statistics show that Vietnam Association of Motorcycle Manufacturers members including Honda, Piaggio, Suzuki, SYM and Yamaha sold 753,571 motorbikes in the first quarter of 2022, a 7.43% increase year-on-year.

Comments (0)
  • Read More
Attracting quality FDI to tap new opportunities: association

Attracting quality FDI to tap new opportunities: association

Vietnam needs to promote its inherent strengths to attract FDI, especially from major powers, to become not only a “workshop” of the world, but also a powerhouse for chip production, said Prof. Dr. Nguyen Mai, chairman of the Vietnam's Association of Foreign Invested Enterprises (VAFIE).

Investing - Wed, March 20, 2024 | 8:31 am GMT+7

Vietjet opens Hanoi-Sydney routes after Vietnam-Australia relationship upgrade

Vietjet opens Hanoi-Sydney routes after Vietnam-Australia relationship upgrade

Vietnamese budget carrier Vietjet has announced the launch of a direct air link between Hanoi and the port city of Sydney, days after Vietnam and Australia upgraded their diplomatic ties to a comprehensive strategic partnership.

Travel - Tue, March 19, 2024 | 11:06 pm GMT+7

Vietnam in talks on visa exemption with 15 countries to boost tourism

Vietnam in talks on visa exemption with 15 countries to boost tourism

The Vietnamese foreign ministry is in negotiations with 15 countries to mutually exempt visas for their citizens as the Southeast Asian seeks to lure more international arrivals amid fierce regional competition.

Economy - Tue, March 19, 2024 | 9:28 pm GMT+7

Thai researchers turn food waste into biochar

Thai researchers turn food waste into biochar

A team of researchers from the King Mongkut’s University of Technology Thonburi (KMUTT) has devised a technique for turning two types of food waste into fuel comparable to low-grade coal, the Thai media has reported.

Southeast Asia - Tue, March 19, 2024 | 6:15 pm GMT+7

Man to face trial for allegedly smuggling seven Vietnamese into UK

Man to face trial for allegedly smuggling seven Vietnamese into UK

Anas Al Mustafa, from Heather Crescent, Swansea, is set to go on trial on August 5 for allegedly trying to smuggle seven Vietnamese migrants into the UK in the back of a specially adapted van.

Society - Tue, March 19, 2024 | 6:13 pm GMT+7

FDI businesses call for stable power supply in Vietnam

FDI businesses call for stable power supply in Vietnam

Foreign-invested companies in Vietnam have expressed concerns over power shortages and called on authorities to provide stable electricity for industrial parks to ensure production.

Energy - Tue, March 19, 2024 | 5:33 pm GMT+7

US firms keen on boosting presence in Vietnam after historic relationship upgrade

US firms keen on boosting presence in Vietnam after historic relationship upgrade

A U.S. business delegation, including 3M, AES, Amazon, FedEx, and Meta, is exploring business opportunities in Vietnam, the largest visit of its kind since the U.S. and Vietnam double upgraded their relations to a Comprehensive Strategic Partnership.

Companies - Tue, March 19, 2024 | 4:22 pm GMT+7

Vietnam should promote workforce investments, clear regulations: Bosch

Vietnam should promote workforce investments, clear regulations: Bosch

Vietnam should encourage the government and businesses to invest more in human resources and build a clear regulatory framework, Dominik Meichle, managing director of Bosch Vietnam, said at the Vietnam Business Forum (VBF) on Tuesday.

Economy - Tue, March 19, 2024 | 4:07 pm GMT+7

Vietnam third largest cryptocurrency gainer in 2023: US analysis firm

Vietnam third largest cryptocurrency gainer in 2023: US analysis firm

Vietnam ranked third in the world for cryptocurrency gains in 2023, only after the U.S. and UK, with nearly $1.2 billion, according to U.S. blockchain analysis firm Chainalysis.

Finance - Tue, March 19, 2024 | 2:45 pm GMT+7

Hai Phong proposes southern economic zone to draw investment

Hai Phong proposes southern economic zone to draw investment

Vietnam's northern city of Hai Phong is urgently finishing documentation, procedures, and other related work to submit to Prime Minister Pham Minh Chinh for a project to establish a coastal economic zone in the second quarter.

Industrial real estate - Tue, March 19, 2024 | 1:53 pm GMT+7

F88 sponsors gender equality promotion

F88 sponsors gender equality promotion

Pawnshop chain F88's initiatives in supporting self-employed low-income women and promoting opportunities for female employees are highly appreciated by international organizations.

Companies - Tue, March 19, 2024 | 11:46 am GMT+7

Intel commits to long-term investment in Vietnam: representative

Intel commits to long-term investment in Vietnam: representative

Intel appreciates the continued support of the Vietnamese government and is committed to long-term investments in the country, Intel Vietnam representative Phung Viet Thang said at the Vietnam Business Forum (VBF) on Tuesday.

Companies - Tue, March 19, 2024 | 11:17 am GMT+7

Industrial Center Yen Phong 2C ranked among top 10 potential industrial park real estate projects in 2024

Industrial Center Yen Phong 2C ranked among top 10 potential industrial park real estate projects in 2024

Industrial Centre Yen Phong 2C has been ranked among the top 10 potential industrial park real estate projects in 2024.

Companies - Tue, March 19, 2024 | 10:59 am GMT+7

Importance of US companies in Vietnam far beyond mere FDI statistics: business council

Importance of US companies in Vietnam far beyond mere FDI statistics: business council

Statistics on foreign direct investment (FDI) announced by the Vietnamese government do not fully reflect the importance of U.S. companies to the country’s economic and export growth, said a representative of the U.S.-ASEAN Business Council (USABC).

Economy - Tue, March 19, 2024 | 10:10 am GMT+7

Vietnam gov’t seek better understanding with FDI firms via annual forum

Vietnam gov’t seek better understanding with FDI firms via annual forum

The Vietnam Business Forum (VBF), under the theme “FDI enterprises pioneer in implementing green growth strategies,” took place on Tuesday, serving as an annual platform for dialogue between the Vietnamese government and the foreign business community.

Economy - Tue, March 19, 2024 | 9:05 am GMT+7

Inside Hanoi's The West building after ownership change

Inside Hanoi's The West building after ownership change

The main lobby, office, elevator interiors, and pantry in The West building at 265 Cau Giay street in Hanoi have all been comprehensively renovated as part of the new owner’s plans to upgrade tenant experience and deliver improved service quality.

Real Estate - Tue, March 19, 2024 | 9:00 am GMT+7