The biggest manufacturer with an over 70 percent market share, Honda Vietnam said growth would be sustained this year. (Photo: VNA)
HCM City (VNA) 🍒- The motorcycle market will continue to grow this year albeit at a marginal rate, according to manufacturers.
Speaking to Vietnam News on the sidelines of a press conference on March 18 to introduce the first Vietnam Motorcycle Show to be held in HCM City in April, Yano Takeshi, General Director of Yamaha Motor Vietnam Company Ltd and Chairman of the Vietnam Association of Motorcycle Manufacturers, said, “This year may not see big growth.”
The growth would be 2-3 percent, he said.
The biggest manufacturer with an over 70 percent market share, Honda Vietnam, too said growth would be sustained this year.
Ho Manh Tuan, Deputy Director of Honda Vietnam, said overall sales is expected to be around 2.85 million units this year.
There is still demand from consumers in big cities like Hanoi and HCM City, he told Vietnam News.
In addition to normal motorbikes for daily use, there is also demand for sports and specialised vehicles, and so the market would continue to grow, he added.
In rural areas, demand is expected to be strong thanks to programmes to lay cement roads there.
But Taiwanese-invested SYM has higher hopes for the market, saying growth will be around six percent.
A company spokesperson said the 2.8 million units expected to be sold does not reflect the potential of the market since sales could easily be 3-4 million.
Insiders wants the Government to check the numbers of old motorbikes sold and ban the use of vehicles more than tens years old to ensure safety and also boost the industry.
Last year, the market grew at four percent as dozens of new models were introduced by importers and domestic manufacturers.
Vietnam is the fourth biggest market in the world.-VNA
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The biggest manufacturer with an over 70 percent market share, Honda Vietnam said growth would be sustained this year. (Photo: VNA)
