New vehicle sales in Vietnam continued to rebound strongly in July 2019, by close to 28% to 25,828 units from 20,212 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

The vehicle market continued to recover from a sharp decline last year when new regulations had a severe impact on vehicle imports. Economic growth was estimated at 6.7% year on year in the second quarter of 2019, slightly down from 6.8% in the first quarter, driven by strong domestic consumption and industrial output growth.

Vehicle sales in the first seven months of the year increased by 19.8% to 171,640 units from 143,324 units in the same period of last year, driven by a 33% jump in passenger vehicle sales to 128,257 units. Commercial vehicle sales were still more than 7.4% lower at 43,383 in this period, however.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda and Peugeot and a significant player in the commercial vehicle segment, reported a 7.3% drop in group sales to 53,657 units in the seven month period. Mazda sales were up by 6.6% at 20,160 units, while Kia sales increased by 1.4% to 16,496 units.

Toyota remained the leading vehicle brand in the country in the seven month period, with sales rebounding by almost 48% to 44,405 units from depressed year earlier volumes, while Honda sales jumped by close to 47% to 19,259 units. Ford sales also recovered strongly in this period, by over 66% to 18,246 units.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now