New vehicle sales in Vietnam expanded by just over 6% to 20,363 units in August 2019 from 19,158 units a year earlier, according to wholesale data released by the Vietnam Automotive Manufacturers Association (VAMA).

The vehicle market continued to recover from a sharp decline last year when new regulations had a severe impact on vehicle imports.

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Economic growth was estimated at 6.7% year on year in the second quarter of 2019, down only slightly from 6.8% in the first quarter, driven by strong domestic consumption and industrial output growth. 

Vehicle sales in the first eight months of the year increased by over 18% to 192,147 units from 162,482 units in the same period of last year, driven by a more than 30% jump in passenger vehicle sales to 143,074 units.

Commercial vehicle sales were still 7.0% lower at 49,073 in this period, however.

Truong Hai (Thaco) group, the local assembler and distributor of brands such as Kia, Mazda and Peugeot and a significant player in the commercial vehicle segment, reported a 7% drop in group sales to 59,634 units in the eight month period.

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This included a 5.8% increase in Mazda sales to 22,168 units and a 1.3% rise in Kia sales to 18,508 units.

Toyota remained the leading vehicle brand in the country in the first eight months of the year, with sales rebounding by over 42% to 49,471 units from depressed year earlier volumes, while Honda sales jumped by close to 39% to 21,126 units.

Ford sales also recovered strongly in this period, by over 69% to 20,819 units.