As Hanoi gears up to ban gasoline-powered motorbikes from next July, Vingroup, Vietnam’s leading conglomerate, is stepping in with an enticing offer for those ready to embrace the electric future with VinFast bikes.
According to a proposal submitted by the company to local authorities on Tuesday, all VinFast electric motorcycles purchased in the capital from July 24 to October 24 will have their registration fees fully subsidized. Currently, this fee amounts to approximately 5% of an electric motorbike’s price, a cost that many consumers will now find evaporated.
Additionally, buyers in Hanoi can enjoy a 10% discount when opting to pay in installments over three years, starting with a 10% down payment, along with complimentary charging services until May 2027. This means incentives for a VND30 million (US$1,150) bike could reach as high as VND4.5 million. That’s a little more than what most people leave behind on a Saturday night out—just saying!
Prime Minister Pham Minh Chinh’s directive on July 12 initiated significant changes, indicating that from July 1 next year, motorcycles and scooters powered by fossil fuels will be prohibited within Hanoi’s circular Ring Road 1, covering most of the downtown area. The rules will later extend to personal vehicles within Ring Roads 1 and 2 by early 2028, followed by Ring Road 3 in 2030.
In alignment with this green initiative, Vingroup has further proposed incentives for VinFast electric cars. Collaborating with banks, the company plans to provide individual buyers loans at just 3% interest for the first three years. Commercial buyers can expect slightly higher rates of 4%.
A 2022 study by the International Council on Clean Transportation revealed that two-wheeled vehicles fulfill nearly 73% of transportation needs for Hanoi residents. As the phased-out ban on gasoline-powered motorbikes rolls out, it’s anticipated that this will fundamentally transform the two-wheeler market and accelerate the switch to fully electric vehicles as residents reconsider their transport options.
What financial incentives is VinFast offering to customers in Hanoi?
VinFast is subsidizing the registration fees of its electric bikes, which currently stand at about 5% of the vehicle price. Additionally, there’s a 10% discount for those paying in installments over three years and complimentary charging until May 2027.
What new restrictions is Hanoi implementing regarding motorbikes?
Starting July 1 next year, Hanoi will prohibit fossil fuel-powered motorcycles and scooters within the city’s circular Ring Road 1, with plans to expand these restrictions to personal cars by 2028 and to Ring Road 3 by 2030.
How is Vingroup planning to support electric car buyers?
Vingroup is teaming up with banks to offer loans at a competitive rate of 3% interest for individual buyers for the first three years, while commercial buyers will enjoy a rate of 4%.
