Despite the launch of new motorbike models and promotions, the number of motorbikes sold continues to fall, the Dau Tu (Investment Review) newspaper reports.

The Vietnam Registration Agency said more than 2.9 million motorbikes were registered last year, while the figure was 3.272 million in 2013, 3.282 million in 2012 and 3.671 million in 2011.

Among the registered motorbikes last year, most of them were for foreign directed investment enterprises (2.643 million) and were big brand names like Honda, Yamaha, Piaggio, Suzuki and VMEP. Only 272,000 registered motorbikes were made by 10 domestic businesses.

The market has reached a saturation point, as sales have plummeted.

Motorbike businesses incorrectly assumed that 2014 would be a bright year for sales.

Wang Chinh Tung, General Director of VMEP Co, said the company expected higher sales because the country's GDP had been forecast to rise in 2014.

Ono Masaru, General Director of Yamaha Vietnam , said in the past year, the company implemented 300 programmes to launch and promote new products to customers.

The biggest player, Honda Vietnam, also launched many new models with a series of promotions to stimulate demand.

However, contrary to their expectations, turnover continued to fall, leading to lowered production.

Motorbike sales will continue to fall, experts have predicted.-VNA