Market overview of electric motorbike in Vietnam

베트남은 전통적인 가솔린 구동 오토바이에서 전기 대안으로 상당한 전환을 목격하고 있습니다. 베트남의 전기 오토바이 시장은 상당한 성장을 앞두고 있습니다. 산업무역부는 현재 2024년에 300만 대 이상의 전기 자전거와 전기 오토바이가 유통되고 있다고 보고했습니다. 이로 인해 베트남은 ASEAN 지역에서 가장 큰 전기 오토바이 시장이 되었고 중국에 이어 세계에서 두 번째로 큰 시장이 되었습니다.

The growth of this market is attributed to opportunities derived from the government’s encouragement and the context of Green Consumption and Transition in Vietnam. To begin with, this market is supported by a combination of favorable government policies, such as tax incentives and subsidies (E.g. Registration fee for electric cars powered by batteries at 0% for 3 years; special consumption tax on electric cars to only 1%-3%, etc.) and ongoing infrastructure improvements, particularly in the development of charging networks. Secondly, the growing popularity of “Green Consumption” which has led consumers to prioritize eco-friendly products and services, fuels the demand for electric motorbikes. Thirdly, the use of electric motorbikes will significantly contribute to achieving “Green Transition goals”, with an emphasis on reducing carbon emissions and promoting clean energy.

“Xanh SM” is one of the outstanding examples reflecting the aforementioned factors that shape the development of the electric motorbike market. It is an electric vehicle rental and booking service operated by Green and Smart Mobility Joint Stock Company (GSM). These services aim to popularize the habit of using electric vehicles to each citizen, thereby raising public awareness of the convenience, intelligence and sustainability of green vehicles.

Xanh SM. Source: GSM website

Despite some positive highlights, there are also remaining challenges. Electric motorbikes often have higher upfront costs compared to traditional gasoline-powered motorbikes, which can be a barrier for some consumers, particularly those in lower-income segments. In addition, despite the growing environmental consciousness, some consumers may still lack awareness about the benefits of electric motorbikes, requiring continued education and marketing efforts to drive adoption. Furthermore, the well-established gasoline-powered motorbike market in Vietnam may pose pressures on electric motorbike manufacturers, as they compete for market share and work to change consumer habits.

주요 플레이어

Vietnam’s electric motorbike market is characterized by a mix of established companies and emerging startups. In which, VinFast, a subsidiary of the Vietnamese conglomerate Vingroup, has emerged as a leader in the domestic market, investing heavily in the development and manufacturing of electric motorbikes. Other notable players, such as Dat Bike, Pega, and Yadea, offer unique features and designs catering to different customer segments, contributing to the market’s diversity and competitiveness.

Vinfast and Yadea products. Source: Vinfast’s website 그리고 Yadea’s website

Japanese Investment and Collaboration

Japanese investment and collaboration play a crucial role in driving the green transition in Vietnam’s electric motorbike market. Several prominent Japanese firms have established a strong presence in Vietnam, partnering with local companies to develop and manufacture electric motorbikes. For instance, Honda, a global leader in the automotive and motorcycle industry, has been actively investing in Vietnam’s electric motorbike market, collaborating with Vietnamese partners to develop new models and expand its charging infrastructure network. Yamaha has also been collaborating with VinFast to develop and manufacture high-quality, affordable electric motorbikes, leveraging Yamaha’s technological expertise and VinFast’s local market knowledge. In addition to the private sector, The Japanese government has also provided support through initiatives like the “Japan-Vietnam Environmental Improvement Project,” aimed at promoting sustainable transportation and reducing greenhouse gas emissions in Vietnam, further cementing the importance of Japanese involvement in the market’s growth.

The Future of Vietnam’s Electric Motorbike Market

Despite these challenges, the outlook for Vietnam’s electric motorbike market remains positive. As the country continues to embrace sustainable transportation and work towards its green transition goals, the electric motorbike market is poised to play a crucial role in shaping Vietnam’s transportation landscape in the years to come. According to the Program for green energy transition and reduction of carbon and methane emissions in the transportation sector (Decision No. 876/QĐ-TTg), by 2050, 100% of road motor vehicles, construction vehicles, and machinery will transition to using electricity and green energy. In public transport, from 2030, at least 50% of vehicles will use electricity and green energy; 100% of newly invested and replaced taxis will use electricity and green energy. By 2050, 100% of buses and taxis will use electricity and green energy.

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