New vehicle sales in Vietnam increased by 28.4% to 20,567 units in August, from 16,019 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association (VAMA).
The data did not include some imported models so the actual market size is larger than these figures suggest.
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Based on the VAMA data, the vehicle market expanded by close to 35% to 168,821 units in the first eight months of the year – from 125,415 sales in the same period of last year. Low interest rates and rising investment continued to drive the domestic economy forward.
Sales of passenger cars, SUVs and MPVs combined increased by 35% to 94,562 units in this period, from 70,032 units a year earlier, while commercial vehicle sales were more than 34% higher at 74,259 units.
Toyota was the leading brand year to date with sales rising by close to 8% to 33,931 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 52% jump in group sales to 72,515 units.
Ford's sales increased by close to 57% to 18,443 units in the eight-month period, while Honda's sales rose by 33% to 6,582 units; and GM Vietnam's were 41% higher at 5,907 units.
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By GlobalData
