New vehicle sales in Vietnam increased by 27.3% to 24,439 units in October, from 19,256 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association (Vama).

The data do not include some imported models, meaning that the actual market size is larger than these figures suggest.

The VAMA data suggests the vehicle market expanded by 32.7% to 217,378 units in the first 10 months of the year – from 163,869 sales in the same period of last year. Low interest rates and rising exports and investment continue to drive the country's economy forward.

Sales of passenger cars, SUVs and MPVs combined increased by 35.6% to 124,533 units year to date, from 91,854 units a year earlier, while commercial vehicle sales were almost 29% higher at 92,845 units.

Toyota was the leading brand January-October period, with sales rising by close to 10% to 44,573 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as KIA, Mazda, Peugeot and Hyundai, reported a 48% jump in group sales to 92,499 units.

Ford's sales increased by close to 50% to 23,527 units in the 10-month period, while Honda's sales rose by 35% to 8,864 units; and GM Vietnam's were 35% higher at 7,766 units.