New vehicle sales in Vietnam jumped by over 60% to 5,908 units in February, from 3,679 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association.
Sales in the first two months of the year were 34% higher at 14,847 units, from 11,042 units previously. The market continues to benefit from the strengthening domestic economy, with lower interest rates and easing credit providing additional liquidity to consumers and small businesses.
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Strong demand for MPVs and SUVs led the market higher in the two-month period, with cumulative sales rising by 79% to 4,200 units. Sales of passenger cars were 15% higher at 5,252 in the same period, while commercial vehicle sales increased by 27% to 4,962 units.
Toyota led the overall market in the first two months of the year, with sales rising by 16% to 4,715 units; while Truong Hai (Thaco), which assembles Kias and various other commercial vehicles, reported a 12.7% rise to 2,949 units.
Third-placed Ford saw its sales rise by 54% to 1,604 units, while Honda’s sales increased almost fourfold to 1,184 units, thanks to strong demand for the City and CRV models.
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