It said car sales in Vietnam were up 59 percent year on year in January-October, following annual growth of 35 percent in 2014 and 23 percent in 2013.
Vietnam now accounts for 6.8 percent of car sales in the “ASEAN 5” which also includes Indonesia, Malaysia, the Philippines and Thailand –and could approach 10 percent in 2016, according to the FT Confidential Research.
Vietnam remains the poorest country Southeast Asia outside the so-called “frontier” of Myanmar, Cambodia and Laos. Yet with a population of 90 million and one of the region’s most dynamic economies, the country is becoming an increasingly attractive consumer market.
Across the ASEAN 5, Toyota stands as the favourite brand, followed by Honda.
These companies are benefiting from surging demand in Vietnam and the Philippines.
