Vietnam new car sales last month fell 24% year on year to 8,761 vehicles, as tight credit and a weakening economy hit demand.

January-May sales by the 16 car makers operating there fell 35% from the same period last year to 58,860 units, the Vietnam Automobile Manufacturers Association said, according to Reuters.

Dealers have told the news agency demand could slow significantly for the rest of the year as consumers shelve big ticket items such as cars and houses. Last year, car sales rose 37% to a record 110,186 units.

Vietnam's economy grew an estimated 3.1% in the first quarter, the slowest pace in at least a decade.

Toyota remained top seller with five-month sales down 14% to 10,228 vehicles. Ford's sales fell nearly a third to 3,441 units and Honda slumped 47% to 2,816 units.