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New vehicle sales in Vietnam picked up momentum in March, with deliveries to dealers rising by close to 53% to 23,192 units from 15,206 units a year ago, according to data released by the Vietnam Automotive Manufacturers Association.

The data does not include all brands and models sold in the country, including imports, meaning that the actual market size is larger than the figures suggest.

The data show first quarter sales rising by almost 38% year on year to 56,264 units, from 40,836 units previously, with low interest rates and rising investment continuing to drive the country's domestic economy forward.

Sales of passenger cars, SUVs and MPVs combined increased by more than 28% to 32,320 units in the three month period while commercial vehicle sales were 53% higher at 23,944 units. 

Toyota was the leading brand year to date, albeit with sales rising by just 11% to 12,061 units. Truong Hai (Thaco) group, a local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 60% jump in group sales to 23,485 units. 

Ford's first quarter sales increased by 69% to 6,501 units while Honda's sales rose by 11% to 2,059 units and GM Vietnam's by 31% to 1,954 units.

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By GlobalData