HANOI: The domestic motorcycle market near Lunar New Year (Tet) holiday has experienced an unusual phenomenon where instead of increasing prices, dealers are simultaneously reducing prices to stimulate demand. However, despite these price reductions, uptake in the market remains weak. Industry insiders have forecast that in 2024, due to the overall difficulties in the economy, motorcycle sales may either equal the previous year or continue to decline compared with 2023. In response to declining sales, both motorbike manufacturers and dealers are employing strategies to lower prices and attract buyers. Manufacturers are engaging in price competition, and dealers are proactively reducing prices on various motorcycle models, with the reductions ranging from a few million to tens of millions of dong in…
