New vehicle sales in Vietnam increased by 25.3% to 24,130 units in September, from 19,256 units a year earlier, according to the Vietnam Automotive Manufacturers Association (Vama).

VAMA doesn't count some imported models so actual market size is larger than its data suggests.

Based on the VAMA data, the vehicle market expanded by close to 33% to 192,951 units in the first nine months of the year – from 144,671 sales in the same period of last year. Low interest rates and rising investment continue to drive the domestic economy forward.

Sales of passenger cars, SUVs and MPVs combined increased by 34.5% to 109,265 units year to date, from 81,233 units a year earlier, while commercial vehicle sales were close to 32% higher at 83,686 units.

Toyota was the leading brand in the January-September period with sales rising by close to 8% to 39,041 units. Truong Hai (Thaco) group, the local assembler and distributor of KIA, Mazda, Peugeot and Hyundai, reported a 50% jump in group sales to 82,619 units.

Ford's sales increased by close to 55% to 21,097 units in the nine month period while Honda's sales rose by 33% to 7,617 units; and GM Vietnam's were 38% higher at 6,831 units.