Dealerships are slashing the prices of numerous motorbike models to stimulate demand in the quiet post-Tet (Lunar New Year) season.
Standard Honda Vision models are on sale for VND30 million (US$1,218.2) at some dealerships, down VND1-2 million from before the Tet holiday, which ran from February 8 to 14.
Notably, all versions of the Honda Winner X have had their prices cut by VND3-5 million to VND31-36 million, nearly 35% lower than their suggested retail price of VND46-50 million.
The 2023 Yamaha Exciter 155 VVA is currently subject to a VND5 million discount, while the Suzuki Raider and Satria have had their prices reduced by VND3-5 million at some showrooms.
Dealerships are eager to offer more discount to boost sales and get rid of remaining inventory.
The steep price cuts are necessary to spur demand as the motorbike market is usually inactive in the first quarter, especially after the Tet holiday.
The market has also slowed in general as sales of motorbike decreased by 16.21% from 2022 to 2.51 million units last year, according to the Vietnam Association of Motorbike Manufacturers.
The downtrend continued in January, with Honda Vietnam reporting motorbike sales of 227.560 units, down 0.8% from the previous month.
Despite the slumping sales, Vietnam is still the second largest motorbike consumer in Southeast Asia, according to data recently published by market intelligence firm MotorCycles Data.