The grand opening ceremony held on September 11 marked a new milestone in Polaris' expansion in Vinh Phuc in specific and Vietnam in general.

In 2023, Polaris decided to bolster investments in Vietnam by starting construction of a 12-hectare factory in Ba Thien II IP with a total capital of $36 million. This is Polaris's second factory in Vinh Phuc and the 20th factory globally.

Along with the first factory in operation, the second factory will increase Polaris's annual output to 10,000 motorbikes and 30,000 motorbike engines for export. The new factory is expected to create employment for 600 local people.

Addressing the ceremony, Tran Duy Dong, Chairman of Vinh Phuc People's Committee said, "We highly appreciate Polaris' efforts to speed up the progress of the project in time after receiving investment an licence. The factory is expected to enhance industrial production value, create jobs and income, as well as contribute to the state budget."

Dong highlighted that the province would give priority to luring projects in high tech, clean energy, computers, electronics, household electricals, semiconductors, supporting industries, and automobiles.

According to the General Statistics Office, manufacturers in Vietnam produced over two million new motorbikes in the first eight months of 2024, an increase of 6.9 per cent on-year.

Market research firm Statista predicted the revenue in Vietnam's motorcycles market would reach $5.41 billion in 2024. This market is forecasted to experience an annual growth rate in 2024-2029 of 1.01 per cent, resulting in a projected market volume of $5.69 billion by 2029.

Looking ahead, the unit sales of motorcycles market in Vietnam are expected to reach 2.91 million motorcycles by 2029.

By Vy Bui

Source: VIR

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