Vietnam Motorcycle Market Accelerates with EV Surge

Vietnam’s motorcycle market hits a record Q1 as EV adoption surges, with VinFast rising fast while Honda holds its lead.

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Vietnam’s motorcycle market is moving again, and this time it feels different. The first quarter of 2026 hit a record one million units sold, up 29.4 percent year on year. That puts the market on track to cross four million units for the year, a level not seen before.

Part of this is simple recovery. Sales in 2025 were already up 14.9 percent to 3.4 million units, though still below 2019 levels. But the bigger story now is the shift underneath the numbers. Electric two-wheelers are no longer a niche. They are starting to drive growth.

Policy signals have helped. Hanoi’s plan to phase out internal combustion motorcycles from mid-2026 has not fully played out yet, but it has clearly nudged buyers and manufacturers in the same direction. Add to that a spike in petrol prices in March, and the result was a sharp jump in EV demand, with the segment growing 177 percent in the quarter.

That surge is showing up in the rankings. VinFast has climbed rapidly, posting a 332 percent increase and moving into second place. In March alone, it sold over 90,000 units, and still could not meet all orders. Demand is building faster than supply.

Traditional players are still very much in the game. Honda remains firmly on top, growing 16.6 percent and holding onto its long-standing lead. But the pressure is building. Yamaha slipped 12.4 percent and lost ground, even with a stronger finish to the quarter.

Further down, electric-focused brands are gaining traction. Yadea, along with local names like Pega and DK Bike, are expanding quickly, helped by a market that is becoming more open to alternatives.

Vietnam has always been one of the world’s biggest motorcycle markets. What is changing now is the direction it is heading. Growth is still there, but it is increasingly tied to electrification, and that is starting to reshape the competitive landscape in a real way.