New vehicle sales in Vietnam increased by 36% to 11,173 units in July, from 8,209 units in the same month of last year, according to data released by the Vietnam Automotive Manufacturers Association.

Cumulative sales for the first seven months of the year increased by nearly 29% to 66,159 units, from 51,433 units in the same period a year earlier.

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Economic growth has accelerated steadily during the last year, helped by lower interest rates and improved liquidity in the economy.

Sales of passenger cars, SUVs and MPVs combined, increased by 28.5% to 38,471 units during the seven-month period, from 29,935 units previously.

Built-up commercial vehicle sales increased by close to 26.9% to 26,119 units, from 20,584 units, while sales of bus chassis jumped by 162% to 540 units, from 206 units.

Toyota led the overall market in the first seven months of the year with sales rising by close to 14.1% to 20,412 units.

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Truong Hai (Thaco), which assembles Kias and various other commercial vehicles, reported a sales rise of over 24% to 16,822 units.

Third-placed Ford reported a 60% jump in sales to 6,571 units, reflecting strong demand for the Transit minibus/van and the Ranger pickup truck, while Honda’s sales increased by 94% to 3,681, thanks to strong demand for the City and CRV models.