Market Chatter: Honda Motor, Others Complain to Vietnamese Authorities About Fast EV Policy Changes

MT Newswires Live
Oct 08

Honda Motor (HMC) and other motorbike makers in Vietnam have complained to authorities about electric vehicle policy changes being too fast, Reuters reported Wednesday, citing two people with direct knowledge of the matter.

This comes after Prime Minister Pham Minh Chinh said in July that fossil-fuel-powered motorbikes will be banned from the center of the capital Hanoi after 12 months, extending the scope of the ban from 2028, as the country pushes for a rapid switch to EVs in a boost to local EV maker VinFast (VFS), according to the report.

The Japanese company's sales in Vietnam dropped almost 22% in August from July after the government's ban was announced, Reuters reported.

Representatives for Honda in Vietnam and the Vietnamese ministry for transport did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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