Vietnamese firms dominate green two-wheeler market
With steady growth over the years and a breakthrough in the first half of 2025, Vietnam’s electric motorbike market is expanding rapidly, with domestic companies taking the lead in this green transition.

At an EV store in Vietnam. Photo courtesy of VietNamNet.
Strong growth in electric two-wheeler market
Vietnam's electric two-wheeler segment (including electric motorbikes and bicycles) has experienced consistent growth in recent years. From accounting for just 5.4% of the market in 2019, electric motorbikes rose to 10% in 2021 and approximately 12% in 2022.
According to a report by Vietnam’s research-driven equity investor Kirin Capital, Vietnam currently ranks first in Southeast Asia and second globally, after China, in the electric two-wheeler market. The number of electric two-wheelers in the country increased from 163,000 units in 2019 to 237,000 in 2020.
Similarly, statistics from Motorcycles Data, a global motorcycle statistics platform, show that Vietnam’s motorcycle market recorded strong growth in 2024, with sales reaching 2.9 million units, up 4.9% from the previous year.
In 2025, this growth trajectory continues. In the year to end-May, total market sales had reached 1.32 million units, marking a 20.2% year-on-year rise.
The electric motorbike segment posted especially impressive growth. The L1 category (equivalent to under 50cc, targeting students) surged by 113.1%, while the L3 category (over 50cc) rose by 49.3%.
In this segment, VinFast stands out. According to Motorcycles Data, the Vietnamese automaker recorded a 488% sales increase in the first five months of 2025 compared to the same period last year. Yadea followed with a 36.8% growth.
In terms of the total sales of both gasoline-fueled and electric motorcycles, VinFast now ranks third, behind Japanese giants Honda and Yamaha.
Local companies take the lead
According to Kirin Capital, domestic electric motorbike manufacturers now hold 70% of the market share. VinFast leads with over 43%, far ahead of second-place Pega with nearly 16%.
Chinese brands Dibao and Yadea follow with 12% and 8.6%, respectively. Other brands include Anbico (8.3%), NIU (6.2%), Gogoro (3.1%), and smaller players like DK Bike, Detech, and Vmoto, each with under 3%.
VinFast inaugurated its electric motorbike plant in 2018, with a production capacity of 250,000 units per year. It launched its first models, Klara A1 and Klara A2, followed by Ludo, Impes, Klara S, Theon, and Feliz.
In Q1/2025 alone, the company delivered 44,904 electric bikes and bicycles, soaring 473% year-on-year.

Vietnamese manufacturers hold 70% of the electric motorbike market share in Vietnam. Photo courtesy of VinFast.
VinFast has also implemented aggressive pricing strategies. Recently, it launched the third phase of the campaign “Strong Vietnamese Spirit – For a Green Future”, offering unprecedented promotions totaling trillions of Vietnamese dong (VND1 trillion = $38.24 million) to make electric bikes more accessible.
Starting May 22, 2025, all customers receive a 4% discount on electric cars and electric motorbikes. In addition, for e-motorbikes alone, VinFast reduced the price by 15-20%, making its products cheaper than equivalent gasoline-powered models.
For example, the VinFast Motio is priced at only VND12 million ($459), making it one of the most affordable models on the market. Other under-VND20 million ($765) options include the Evo Lite Neo (VND14.4 million) and Evo Neo (VND17.8 million), mainly targeting students and short-distance commuters.
Pega (formerly Hkbike) was Vietnam’s first electric bike brand, known for stylish, high-quality designs. It remains one of the top 5 brands by market share and operates a large factory in Bac Giang province (now Bac Ninh).
Its flagship Pega S model boasts industry-leading specs: a powerful battery, range up to 120 km, and top speed of 65 km/h.
Kirin Capital views EV adoption as an inevitable trend. In Vietnam, the EV market is still in its early stages, and the government has laid out a roadmap to transition from fuel-powered to electric vehicles.
This includes tax and fee incentives and an upcoming legal framework to support EV development, expected to further stimulate the market.
Kirin Capital also highlights that local manufacturers like VinFast and Pega have demonstrated strong potential and are well-positioned for future breakthroughs.
The market also sees entries from global brands. For example, Honda Vietnam recently introduced its first two e-models: ICON e: and CUV e.
In its FY2025 business report (ending March 31, 2025) and strategic direction for FY2026, Honda announced plans to modularize future electric bike designs and begin production at a dedicated high-performance electric motorbike factory in India, expected to open in 2028.
Through these initiatives, Honda aims to offer more affordable motorbike models and ultimately capture the number one market share in Vietnam's electric motorbike market.
Under a directive issued on July 12, Prime Minister Pham Minh Chinh asked Hanoi to ban gasoline-powered motorbikes from its downtown core starting July 2026, part of a sweeping plan to cut emissions and improve air quality.
The ban will apply to all fossil fuel-powered motorbikes and scooters operating within Ring Road 1, which covers the central districts, including Hanoi’s Old Quarter.
By 2028, the restrictions will expand to include gasoline-powered private cars within Ring Roads 1 and 2. By 2030, the city aims to restrict all personal fossil fuel vehicles inside Ring Road 3, which forms the outer ring of the capital and connects to major highways leading to neighboring provinces.
Meanwhile, Hanoi will roll out financial incentives for companies that build or assemble electric vehicles.
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