Confidently Investing Over a Dozen Billion Dong in Electric Motorcycle Dealerships
Having no prior experience in the motorcycle market, do you think your decision to jump into the electric motorcycle wave was a bit hasty?
On the contrary. I see electric motorcycles as a current market trend, not just a future possibility. Years ago, the market was flooded with low-quality electric motorcycles of unknown origin, but now consumers are more focused on product quality. Therefore, the potential of this market is immense.
Mr. Nguyen Trung Hieu (Ho Chi Minh City) confidently invested in two VinFast electric motorcycle dealerships within just a few months.
As an entrepreneur, I believe in seizing opportunities and staying ahead of trends. My first dealership, VinFast Tay Sai Gon, opened in May at 982 Tinh Lo 10, Tan Tao Ward. In July, I launched my second dealership, VinFast Nguyen Thi Tu, at 212 Nguyen Thi Tu, Binh Tan Ward.
Investing in two dealerships within three months must have required a significant amount of capital. Could you share the figure?
The cost to establish a dealership meeting VinFast’s standards is nearly 2 billion dong. VinFast supported me with over 600 million dong, and I covered the rest.
In addition to the showroom and dealership setup, a substantial portion of my budget went into inventory. Specifically, I invested nearly 10 billion dong to ensure a robust stock of motorcycles, ready for immediate delivery to customers.
How is the business performance at these two dealerships so far?
I’m quite satisfied. Currently, I sell an average of over 250 motorcycles per month. The Tay Sai Gon showroom sells 200-300 units monthly, while the Nguyen Thi Tu showroom sells 150 units. In the near future, I aim for the Tay Sai Gon showroom to sell 300-400 units monthly and the Nguyen Thi Tu showroom to reach at least 200-300 units.
Top-selling models in recent months include Klara S, Vento S, and Evo200. I’m excited and confident that sales will surge with the launch of new VinFast models in Q4.
In your opinion, how do VinFast electric motorcycles cater to different customer segments?
I’ve identified three main customer groups for VinFast electric motorcycles. First are those already using services within the Vingroup ecosystem. Second are service drivers who choose VinFast to reduce operational costs, optimizing their investment and business expenses.
Third are customers who’ve had positive experiences with VinFast electric motorcycles through the Xanh SM app or those who’ve learned about the brand.
Most VinFast electric motorcycle buyers are working-age individuals. In Ho Chi Minh City, our dealerships are near industrial zones, so many buyers are factory workers from nearby areas.
“The 1.5 Million Unit Target is Absolutely Achievable”
Compared to traditional gasoline motorcycles, what standout advantages do VinFast electric motorcycles offer?
The biggest advantage of VinFast electric motorcycles is their cost-effectiveness, driven by two key factors.
First, VinFast offers free battery charging until May 2027, eliminating monthly fuel costs. This is particularly beneficial for service drivers, who can save 50,000 dong daily, or 1.5 million dong monthly, amounting to 18 million dong annually—enough to offset the vehicle’s purchase cost.
Second, electric motorcycles have lower maintenance costs. Gasoline motorcycles require engine oil changes every 2,000 km, costing 100,000-150,000 dong each time. Electric motorcycles, however, only need maintenance every 5,000 km, costing just a few tens of thousands of dong. Additionally, electric motorcycles have fewer mechanical parts, reducing repair expenses compared to gasoline models.
I’m also impressed with the newly launched dual-battery models, particularly the Evo Grand. Its removable battery design enhances convenience, and its extended seat and sleek design appeal to consumers. I believe this model will drive significant sales in the coming period.
Mr. Hieu believes VinFast’s new electric motorcycle models, especially the Evo Grand, have immense sales potential.
VinFast and its distributors recently announced a target of selling 1.5 million electric motorcycles by 2026. What’s your take on this goal? Is it too ambitious for a relatively young company?
I believe this target is achievable. Despite being a newcomer to this field, I’m willing to invest because, as the saying goes, “never try, never know.” Moving forward, I plan to increase monthly sales at my existing stores from 250 to 500-600 units.
VinFast electric motorcycles are already gaining recognition and demand. From our research, most customers are satisfied with their purchases. New models like the Evo Grand, Evo Grand Lite, Feliz, Feliz Lite, and Vero X feature dual batteries with one removable option, which will boost sales. VinFast is also set to introduce battery-swapping models soon.
Although our partnership is relatively new, I trust VinFast’s approach. In the short term and possibly beyond, I don’t see any competitors matching their capabilities. VinFast has mastered production technology, battery technology, and invested in a comprehensive infrastructure network of dealerships and charging stations across all three regions.
Therefore, I’m confident that we, together with VinFast, will achieve the 1.5 million unit sales milestone by 2026.
Thank you for sharing your insights.
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