New vehicle sales in Vietnam increased by over 16% to 31,623 units in October 2022 from 27,149 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

The country’s economy continued to rebound strongly from last year’s Covid lockdowns, with GDP growing by almost 14% year-on-year in the third-quarter – helped by the lifting of business and travel restrictions earlier in the year. Supply chain bottlenecks have also eased in recent months, helping vehicle manufacturers improve supplies to the market.

Total vehicle sales in the first ten months of 2022 were up by over 50% at 296,574 units from 197,223 in the same period of last year, with sales of light passenger vehicles surging by 67% to 235,240 units while commercial vehicle sales increased by 8% to 61,334 units.

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 49% rise in group sales to 112,599 units year-to-date. This includes a 64% surge in Kia sales to 52,694 units; a 64% rise in Mazda sales to 30,060 units; and a 93% jump in Peugeot sales to 9,378 units; while Thaco truck sales were flat at 18,793 units.

Toyota’s ten-month sales increased by 61% to 72,813 units; while Honda’s sales were up by 74% at 26,887 units; Mitsubishi Motors 33,364 units (+73%); Ford 19,530 units (+7%); and Suzuki 13,480 units (+45%).

VAMA’s data do not include all auto brands, including Mercedes-Benz and domestic startup VinFast – which began local deliveries of its new all-electric VF8 SUV in September which it now sells alongside its exiting battery-powered VF e34 model. The company plans to begin sales of the VF8 in the USA by the end of the year.

Vinfast sold just 18,052 vehicles in Vietnam in the first eight months of 2022, after it achieved sales of 37,723 units in the whole of 2021.