Before you go and the legal stuff
Travel insurance
Travel insurance is a given for every trip you're on, but perhaps especially when travelling Vietnam by motorbike. Considering that driving in Vietnam is very different from Western countries – the rules are taken with a pinch of salt which can cause dangerous incidents – it's all the more important to make sure you're covered. One thing to look out for with travel insurance when you're intending to rent or buy a motorbike in Vietnam is to make sure this activity is actually covered. Some insurers exclude "motorbike touring" for policyholders from particular countries, so make sure you check the wording.
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Licences
Motorbikes less powerful than 50 cc (cubic centimetres, basically the engine size and power output of the vehicle) can be ridden in Vietnam without a motorbike license, which will be fine if you're using it briefly for one part of the country. However, it will be inefficient if you're planning on touring the length of the country – in which case, 125 cc is more suitable.
For the latter, you'll need a Vietnamese driving license (an International Driver's Permit is only acceptable if your country of issue has signed the 1968 convention – the UK, Australia, USA and Canada have not). Plenty of people do still drive without one and risk getting caught, but it's not a good idea as if anything happens to you without one, your travel insurance will be invalidated.
Renting or buying your bike
Buy or rent from reputable companies – a firm favourite among travellers is the Vietnam motorcycle rental Tigit Motorbikes. Avoid cheap knock-offs; it might seem tempting to go as low as US$200 when buying, but you'll be incurring more costs in the end with multiple breakdowns – not to mention a lot more hassle and delays. For ease and simply just staying safer on already dangerous roads, go for a well-maintained bike for a little more money from a reputable brand you recognise such as Honda or Yamaha. You're also more likely to be able to sell it off at a similar price you bought it for wherever you end your journey .
Prepare for varied weather
Vietnam is a long, thin country, and deceptively large – it's easy as a traveller to forget that it covers a vast range of weather types. It can be very hot and sticky in the south, whereas in the north you should be prepared for potential rain and the cold. Obviously this will all depend on what season you travel in, but it's worth packing for all weather types.