New vehicle sales in Vietnam increased by 36.6% to 24,153 units in July, from 17,688 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 these figures suggest.
Based on the VAMA data, the local vehicle market expanded by just over 35% to 147,814 units in the first seven months of the year – from 109,396 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 a third to 81,851 units in this period, from 61,280 units a year earlier, while commercial vehicle sales were more than 37% higher at 65,963 units.
Toyota was the leading brand year-to-date, with sales rising by close to 9% to 30,024 units. Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 53% jump in group sales to 63,297 units.
Ford's sales increased by close to 58% to 16,320 units in the seven-month period, while Honda's sales rose by 25% to 5,568; and GM Vietnam's were 40% higher at 5,183 units.