New vehicle sales in Vietnam increased by 25.7% to 26,295 units in November, from 20,922 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).
The data did not include some imported models, meaning that the actual market size is larger than these figures suggest.
The VAMA data suggested the vehicle market expanded by 31.8% to 243,675 units in the first 11 months of the year – from 184,791 sales in the same period of last year. Low interest rates and rising exports and investment continued to drive the country's economy forward.
Sales of passenger cars, SUVs and MPVs combined increased by just over 36% to 140,921 units year-to-date, from 103,509 units a year earlier, while commercial vehicle sales were more than 26% higher at 102,754 units.
Toyota was the leading brand January-November period, with sales rising by almost 13% to 50,703 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 44% jump in group sales to 102,500 units.
Ford's sales increased by close to 44% to 26,112 units in the 11-month period, while Honda's sales rose by 37% to 10,178 units; and GM Vietnam's were 33% higher at 8,642 units.