Mercedes-Benz Vietnam plans to invest an additional 11 million euros (US$12.2 million) in its local operations this year, Saigon Times Online reported Sunday.
The investment will be used to develop two new assembly lines, the news website said.
It quoted Dirk Adelmann, sales director of Mercedes-Benz Vietnam, as saying that the firm moved 3,600 units in 2015, its 20th year in Vietnam.
With a 50 percent growth from 2014, Vietnam became one of five Mercedes-Benz’s fastest growing markets in the world, he said.
The company plans to launch 23 new models, including locally assembled ones and imported ones, in the country this year.
Vietnam's automobile sales posted a record growth of 55 percent last year and are expected to grow at a lower rate this year.
The Vietnam Automobile Manufacturers' Association told local media early this month that its members expected a year-on-year increase of 10 percent.
Insiders said this year’s growth might be hampered by a higher taxes.
Under a new rule that took effect on January 1, luxury tax is calculated on an imported car’s retail price, unlike previously when it was calculated on their cost, insurance freight (CIF) price before the addition of duties and markups. The revision has reportedly forced auto importers to increase their prices by 2-13 percent.