New vehicle sales in Vietnam increased by 26.5% to 21,861 units in June, from 17,283 units a year ago, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).

The data do not include all brands and models sold in the country, including imports, meaning that the actual market size is larger than the figures suggest.

The VAMA data suggests the local vehicle market expanded by almost 35% to 123,661 units in the first six months of the year, from 91,708 units in the same period of last year, with low interest rates and rising investment driving the domestic economy forward. 

Sales of passenger cars, SUVs and MPVs combined increased by almost 31% to 67,125 units in this period, from 51,347 units a year earlier, while commercial vehicle sales were more than 40% higher at 56,536 units. 

Toyota was the leading brand year to date with sales rising by close to 8% to 24,854 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 54% jump in group sales to 53,127 units. 

Ford's sales increased by over 52% to 13,616 units in the six month period while Honda's sales rose by over 19% to 4,457units and GM Vietnam's were more than 37% higher at 4,335 units.