New vehicle sales in Vietnam tripled to 26,267 units in August 2022 from a depressed 7,714 units a year earlier, according to the Vietnam Automotive Manufacturers Association (VAMA).

The market last month continued to recover from last year’s big Covid slowdown with easing supply chain bottlenecks also helping automakers at last fulfil pent up demand.

Economic growth accelerated to 7.7% in the second quarter from 5% in the first, driven by strong service sector and industrial output growth.

YTD 2022 sales increased 50% to 236,195 units from 157,778 with sales of light passenger vehicles surging by 64% to 188,865 units while commercial vehicle sales were 10% higher at 47,330.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda, Peugeot and BMW-Mini and a major player in the commercial vehicle segment, reported a 54% rise to 93,347 units YTD.

This included a 73% surge in Kia sales to 43,928 units, a 61% rise for Mazda to 24,670 units and a 104% jump for Peugeot to 8,214 units.

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Thaco truck sales were up 4% to 15,146 units.

Toyota YTD volume increased 58% to 55,351 units while Honda sales surged 72% to 23,173, Mitsubishi 26,400 (+63%), Ford 12,604 (-7%) and Suzuki 11,070 (+50%).

VAMA data does not include all auto brands, including Mercedes-Benz and domestic start-up VinFast which reported a 47% decline to 1,220 units last month from strong year earlier volume, bringing the YTD total to 18,052 (-18%). The company’s sales in calendar 2021 increased 21% to 37,723 units.

Deliveries of its first electric vehicle (EV) model, the VF e34, began at the end of December and the company is in the process of establishing an EV recharging network across the country.