New vehicle sales in Vietnam increased by over 13% to 27,058 units in September 2019 from 23,933 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 to have accelerated to 7.3% year on year in the third quarter from 6.7% in the second quarter, driven by strong manufacturing and investment growth.
Vehicle sales in the first nine months of the year increased by close to 18% to 219,205 units from 186,415 units in the same period of last year, boosted by a more than 29% jump in passenger vehicle sales to 163,485 units.
Commercial vehicle sales were still 7% lower at 55,720 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 5.6% drop in group sales to 67,168 units in the nine month period. This, however, included a 5.7% increase in Mazda sales to 24,569 units and a 2.1% rise in Kia sales to 21,081 units.
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By GlobalDataToyota remained the leading vehicle brand in the first nine months of the year with sales rebounding by over 38% to 56,805 units from depressed year earlier volume while Honda sales jumped by over 36% to 23,992 units. Ford sales also recovered strongly in this period, by over 59% to 23,320 units.
