New vehicle sales in Vietnam continued to grow strongly in April, with deliveries to dealers rising by over 38% to 22,979 units from 16,643 units a year ago, according to data released by the Vietnam Automotive Manufacturers Association (Vama).
The data did 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 VAMA data showed the market rose by almost 38% to 79,247 units in the first four months of the year, from 57,479 units in the same period of last year, with low interest rates and rising investment driving strong domestic economic growth.
Sales of passenger cars, SUVs and MPVs combined increased by more than 31% to 44,356 units in the four-month period, while commercial vehicle sales were 47% higher at 34,891 units.
Toyota was the leading brand year-to-date, albeit with sales rising by just 12% to 16,594 units. Truong Hai (Thaco) group, a local assembler and distributor of brands such as KIA, Mazda, Peugeot and Hyundai, reported a 59% jump in group sales to 33,921 units.
Ford’s sales increased by 60% to 8,931 units in the four-month period, while GM Vietnam’s sales rose by 39% to 2,821 units and Honda’s were 14% higher at 2,759 units.