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Motorbike sales hit by inflation
With inflation taking its toll and consumer lending drying up, motorbike and scooter sales have plunged in recent months in Ho Chi Minh City .
Producers and distributors are tightening their belts to avoid losses.
Hoang Ha, sales and marketing director of Yamaha Motor Vietnam, said monthly sales in April and May were 35,000-40,000 units, 10-15 percent down from the same period last year. He blamed the situation on the high inflation rate.
Some bike showrooms in Districts 1 and 5 that used to be crowded with buyers are now almost deserted.
Vu Van Hung, who owns the Anh Tu MotorMart in HCM City that has 10 outlets, said his sales were down 40-60 percent.
Hung said consumer credit organisations have tightened lending, dissuading potential buyers. He said he has cut staff as well as working hours of the remaining employees, and is making efforts to save on electricity and water to cut costs.
His company would tie up with lenders offering consumer installment loans, like Prudential Fund.
Honda distributors too complain that sales are down 40 percent.
Honda said it would focus on the distribution of popular models like Air Blade, and carefully analyse the two-wheeler market to draft appropriate manufacturing and sales strategies.
VNA
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