Economy, Auto

Vietnam Auto Market Grows

Vietnam Auto Market Grows
Vietnam Auto Market Grows

Vietnam’s new vehicle market continued to grow strongly in March, with sales jumping by over 63% to 15,201 units from 9,316 units a year earlier, according to data released by the Vietnam Automotive Manufacturers Association, Just-Auto reported on Monday.

First quarter sales increased by just under 69% to 40,834 units, from 24,177 units a year earlier, reflecting an acceleration in economic growth to over 6% in this period - driven by rising domestic consumption, exports and investment.

Cumulative sales of passenger cars, SUVs and MPVs combined increased by close to 64% to 24,164 units, from 14,757 units in the same period of last year. Commercial vehicle sales rose by 77% to 16,670 units, from 9,420 units previously.

Toyota was the leading brand over the three month period, with sales rising by over 46% to 10,872 units. The local Truong Hai (Thaco) group, which has a number of brands in its portfolio including Kia, Mazda, Peugeot and some less well known commercial vehicle brands, reported a 102% rise in first quarter sales 14,685 units.

Ford’s first quarter sales were up by 59% at 3,848 units while Honda’s volume rose 7% to 1,861 units.