Vietnam's new vehicle market continued to grow strongly in August with sales rising by close to 46% to 16,019 units from 11,001 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association.

Sales in the first eight months of the year increased by over 62% to 125,418 units, from 77,191 units previously, reflecting continued strong economic growth – estimated at over 6.4% in this period, driven by buoyant domestic consumption, investment and exports.

Cumulative sales of passenger cars, SUVs and MPVs combined increased by 50% to 70,033 units, from 46,673 previously. Commercial vehicle sales rose by over 81% to 55,385 units, from 30,518 units.

Toyota was the leading brand over the seven-month period, with sales rising by 31% to 31,474 units. Truong Hai (Thaco) group, a local company with a number of brands in its portfolio including Kia, Mazda, Peugeot passenger vehicles and Hyundai and Kia trucks, reported a 95% rise in overall sales to 47,821 units in this period.

Ford’s cumulative sales increased by 49% to 11,710 units, while Honda’s sales were up by 23% at 4,935 units.