Vietnam Motorcycles Market is recovering. Following a moderately positive 2024, with sales up at 2.9 million (+4.9%), the 2025 start was positive with Year to Date May sales at 1.32 million (+20.2%). Vinfast is booming pulling up the entire EV segment.
Economic Outlook
The Vietnamese economy continued to gather momentum. In the first three quarters of 2024, GDP growth accelerated to 6.7 percent year-on-year, well above the 4.4 percent growth in the same period of 2023.
The recovery of export demand and strong inflows of FDI were the main growth drivers. In contrast, Vietnamese household spending remained weak as households adopted a cautious attitude and tightened their belts. Micro, small and medium enterprises (MSMEs) that focus on the domestic market continued to lag the recovery of export-oriented firms.
Vietnam’s economic growth is expected to pick up in 2024, driven by a rebound in manufactured exports and tourism, and recovering consumption and business investment, accordingly with the World Bank recent report. Vietnam’s economy is forecast to grow 6.5 percent in both 2025 and 2026
Motorcycles Industry Trend and Perspectives
The motorcycles industry, the 4th largest in the world and the 3rd for the Electric vehicles, is struggling in the post-pandemic period with dynamic changing year over year.
The development of new energy segment, supported by strong investment by local manufacturers and big Chinese companies, is facing a mature market and very selective customer demand, with high loyalty towards established companies, Honda overall.
Following a moderately positive 2024, with sales up at 2.9 million (+4.9%), the 2025 start was positive with Year to Date May sales at 1.32 million (+20.2%).
The market is growing in all sectors, with the scooter segment up 19.8% and the motorcycle one, which is very small, up 70.6%.
The electric segment started the 2025 very well with the L1 category (corresponding to engines below 50 cc) experiencing a +113.1%, while the L3 category is up 49.3%.
Market Leaders and Performance
In the competitive arena, the two market leaders, Honda and Yamaha, started the year with opposite trends, one +6.9% and the second with a +23.4%
Vinfast advanced in third place with sales up 488% keeping the leadership of a fast growing EV segment, ahead of Yadea (+36.8%) than Dibao, Pega and many others.
