New vehicle sales in Vietnam increased by 56% to 7,889 units in February, compared with 5,070 units a year earlier, according to the Vietnam Automotive Manufacturers’ Association (VAMA). 

Compared with the previous month’s 10,424 units, February sales fell by over 24%, however, and were well below last year’s average monthly volumes. The cost of imports continues to increase in Vietnam, with the currency having been devalued three times in the last 12 months and with double-digit inflation.

Sales of passenger cars increased by 63% year-on-year in February to 2,629 units, while SUV and MPV sales increased by 49% to 1,737 units and commercial vehicle sales by 54% to 3,523 units.

Toyota led the market with 2,223 units, up by 23% year-on-year; with Truong Hai closing the gap rapidly in second place with 1,876 sales (+150%) - helped by strong demand for the Kia Morning and Forte passenger cars and K-series trucks. Truck and bus maker Vinamotor was third with 887 sales (+39%).