Motorbike and automobile vendors are experiencing poor sales although the last month of the year is traditionally a season of high demand. Several manufacturers said they are likely to see sales drop by 25 to 30 percent compared to last year if the market remains dampened. T., owner of two Honda authorized dealers (HEAD) in Ho Chi Minh City’s Tan Binh District, said sales in December may only be some 70 percent of the figures last month. Other HEAD owners said although Honda Vietnam has launched many supporting and promotional programs for customers, consumption remains low. “Customers will enjoy discounted prices and receive gifts, but many HEAD’s are now likely to fail to meet sales targets,” a HEAD representative said. Many motorbike dealers said they have even agreed to sell at lower prices than suggested by the manufacturers, yielding modest profits of VND500,000 per vehicle, but this has still failed to improve the situation. Duong Thi Hoa, a textile worker, said she wanted to exchange her Chinese Wave bike for a new one, but cannot afford it due to economic troubles. “I don’t know if I will still be able to receive a bonus for the new year,” she said. Masayuki Igarashi, new CEO of Honda Vietnam, said the company had to adjust its business plan to deal with the economic malaise. “The target of selling 2.3 million motorbikes this year must be adjusted due to difficulties from HEAD countrywide,” he said. Two of Honda’s manufacturing plants in Vinh Phuc province are capable of making up to 2.15 million bikes a year, but the capacity has been reduced to only 1.93 million vehicles.Automobiles suffer too Automobile dealers are also running a number of promotional programs, but customer responses are just too modest. “Customers are hesitant to buy a new car, as they are still waiting for bank loan interests to go down,” said Phan Duong Cuu Long, CEO of Saigon Ford. “Moreover, many banks have tightened lending to buy cars,” he added. In late November, a large dealer of Hyundai in HCMC even had to shut down due to huge losses of millions of dong a month.
More
Dien Bien Phu Victory military parade rehearsal held in northwestern Vietnam
The rehearsal featured a national flag-hoisting ceremony, a drum performance, art performances, and a military parade as the highlight of the event
Read more
FDI in Vietnam’s property market in jumps fourfold year on year
Vietnam received foreign direct investment commitments worth US$1.68 billion in the real estate sector in the first four months of this year
4 days agoWorld’s biggest jeweler Pandora to break ground on $150mn factory in Vietnam
The construction of the new factory is based on a memorandum of understanding signed between Pandora and Vietnam-Singapore Industrial Park J.V. Co. Ltd. (VSIP) in May 2022
1 day agoWorld’s largest EV producer to open 15 showrooms in Vietnam next month
BYD expects to have a total of 50 showrooms in the Southeast Asian country this year
21 hours agoStartup shakes hands with global digital payment firm to revolutionize Earned Wage Access in Vietnam
In Vietnam, many middle- and low-income employees face exclusion from conventional banking facilities, rendering them susceptible to predatory lending practices
13 hours agoA quick glimpse at Ho Chi Minh City metro stations
These stations are waiting for operation
6 days agoHighlights
Ho Chi Minh City hosts Vietnam’s first-ever int’l pickleball tournament
The tournament boasts over 400 registered athletes
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
Ho Chi Minh City hosts Vietnam’s first-ever int’l pickleball tournament
The tournament boasts over 400 registered athletes
Breakfast @ Tuoi Tre News — May 7
Good morning from Vietnam!
Bird flu threatens to put a damper on cow cuddling
But this practice of opening the barn door to the public is facing a new risk, as the U.S. Department of Agriculture (USDA) confirmed bird flu in dairy herds in nine states
Startup shakes hands with global digital payment firm to revolutionize Earned Wage Access in Vietnam
In Vietnam, many middle- and low-income employees face exclusion from conventional banking facilities, rendering them susceptible to predatory lending practices
Vietnam wishes for Cambodia’s coordination in assessing Funan Techo Canal’s impacts
Vietnam always attaches importance and gives top priority to its relationship with Cambodia
Vietnamese billiards player makes history with stunning victory at Scottish Open
The Vietnamese player staged a remarkable comeback
ADB willing to help Vietnam with climate change adaptation
Climate change, saltwater intrusion, and Vietnam’s commitment to a net-zero emission target by 2050 require the country to adopt more effective measures to manage and use land, water sources, and fertilizer
Vietnam, France ink deal to strengthen defense cooperation
The two countries have the same views and interests in maintaining peace, stability, and development in the region and the world
Vietnamese mathematician named as recipient of 2024 Dénes König Prize
Dr. Huy, 28, is the first Vietnamese to win the prize
5 safe after car falls into abyss in northern Vietnam
They just suffered slight injuries