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Motorbikes losing favour
In previous years, July and August was the high motorbike sales season as people sought motorbikes for their children, who were getting ready to begin new academic years. However, the situation is quite different this year – because of the petrol price hike.
The 30% increase in the price of petrol has forced many families to cut expenses and reconsider travel plans. As a result, motorbike purchasing power has been decreasing dramatically.
Owners of motorbike shops on Ly Tu Trong street and Phu Nhuan crossroads, the biggest motorbike markets in HCM City, all complain that motorbikes are selling very slowly. They said that the purchasing power of luxury models like Dylan, SH and high-cylinder capacity models has decreased by 30%, while popular models are also selling very slowly.
Hung, the owner of a motorbike shop, said that previously he could sell six units a week, while he has not sold any units in the last week. Hung said that he is considering selling electric bicycles as well, as people now prefer electric bicycles, which do not consume petrol.
Binh, a sales staff at the SYM motorbike sales agent at No 170E Phan Dang Luu street, also said the days of selling 20-30 units a day had past. Now he can sell 2-3 units a day only.
Though purchasing power has been decreasing dramatically, motorbike manufacturers in Vietnam have not made any move yet to slash sales prices. Meanwhile, imported motorbikes also have not seen any price decreases. Shop owners are still waiting to hear new news before making any decisions on cutting prices. They imported motorbikes when the dollar price was VND19,000/US$1, so they are incurring losses as the price has dropped to VND17,000/US$1. Importers could not have imagined that the dollar price would go down as all forecast that it would keep rising.
Minh Phuong recently bought an Attila for VND30mil and is now trying to sell the motorbike because it consumes a lot of petrol. However, Phuong says that she cannot find anyone who is willing to pay even VND14mil.
Analysts say that models which consume a great deal of fuel will be unsalable in the time to come; only fuel-efficient models will be sought by buyers.
VNN
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