A Tank Company Grows by 500%, Propelling Vietnam to Third in the World

In the first six months, Vietnam’s motorcycle market consumed 1.6 million units, a 19% increase year-over-year. Among the brands operating in Vietnam, VinFast stood out with the strongest growth in both the overall market and the electric vehicle segment.

Globally, Vietnam is the fourth-largest motorcycle market, and it ranks third for electric motorcycles. The Vietnamese automotive industry is working to overcome post-pandemic challenges, which brought significant fluctuations.

The country is witnessing strong growth in the environmentally friendly vehicle segment, with substantial investments from domestic and foreign manufacturers. However, they face competition from loyal customers of longstanding brands, especially Honda.

As mentioned, Vietnam’s motorcycle market consumed approximately 1.6 million units in the first half of 2024, representing a 19% growth rate. For the full year 2024, the market consumption reached 2.9 million units.

If the market maintains this consumption rate in the second half, this year’s sales will show significant growth over the previous year.

All motorcycle segments experienced growth in the first half of this year. For engines with a displacement above 50cc or electric equivalents, growth reached 52.6%. Specifically, scooters grew by 18.7%, motorcycles by 61.1%, and electric motorcycles for students by a remarkable 112.6%.

In Vietnam, Honda and Yamaha remain the top two brands in terms of market share and sales. Honda grew by 6.2%, while Yamaha achieved an impressive 20% growth.

Contributing to its leading position in the electric motorcycle market, VinFast ranks first in sales with a staggering 501% growth, placing it third in the overall market. In the electric vehicle segment, Yadea, Dibao, and Pega follow VinFast, with Yadea growing by 37.5%.

The electric motorcycle market in Hanoi and Vietnam, in general, is gaining significant attention.

Honda has introduced two electric motorcycle models, the ICON e: and CUV e:, targeting students and the mass market, respectively. A unique feature of Honda’s electric motorcycles is their removable batteries. For the CUV e:, users can swap drained batteries for fully charged ones at 19 authorized dealerships for free.

Yamaha even introduced its first electric motorcycle model, NEO’s, before Honda. Yamaha also assembles this model in Vietnam, supplying both the domestic market and exporting to select European countries.

Similarly, VinFast, the leading electric motorcycle brand, recently launched the Evo Grand. This new model features a larger design, addressing some of the inconveniences of its predecessor, the Evo200.

To cater to diverse customer needs, VinFast designed a removable secondary battery for the Evo Grand. With two batteries, the bike can travel over 260 km on a single charge. Interestingly, the secondary battery fits in the under-seat storage compartment, which still offers a generous 16 liters of space. The bike is priced at 21 million VND, including the primary battery, and an additional 5 million VND for the secondary battery.