Vietnam's new vehicle market continued to expand rapidly in January, as the country's domestic economy continued to grow on the back of low interest rates and rising investment in construction and manufacturing.

According to data gathered by the Vietnam Automotive Manufacturers Association vehicle deliveries to dealers rose by 37% to 21,879 units last month from 16,026 units a year earlier. This follows a 56% sales rise to a record 208,568 units in 2015.

Sales of passenger cars, SUVs and MPVs combined increased by close to 34% to 13,679 units in January, from 10,227 units a year earlier, while sales of commercial vehicles rose by over 41% to 8,200 units from 5,799 units.

Toyota was the leading brand last month, with sales rising by 17% to 5,001 units. Truong Hai (Thaco) group, a local assembler and distributor of brands such as Kia, Mazda, Peugeot and Hyundai, reported a 55% rise in group sales to 8,910 units.

Ford's sales increased by 70% to 2,585 units, while GM Vietnam's sales were 52% higher at 831 units.