The new vehicle market in Vietnam continued to expand in February, by over 16% to 11,168 units from 9,604 units a year ago, according to data released by the Vietnam Automotive Manufacturers Association.

Sales in the first two months of the year were 29% higher at 33,072 units compared with 25,630 units previously, as the country's domestic economy continues to enjoy of low interest rates and rising investment in construction and manufacturing.

Sales of passenger cars, SUVs and MPVs combined increased by over 20% to 20,059 units in the two-month period, while commercial vehicle sales were 45% higher at 13,013 units.

Toyota was the leading brand year-to-date, albeit with sales rising by just 3% to 7,368 units. Truong Hai (Thaco) group, a local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 51% rise in group sales to 13,119 units. 

Ford's sales increased by 68% to 4,109 units, while GM Vietnam's sales were 34% higher at 1,290 units.