Vietnamese car assembler Truong Hai says it has captured 27.7 percent of the domestic market and is on its way to become the market leader this year.
The company, which assembles vehicles including South Korean KIAs and Hyundais, topped April sales with 3,104 units, beating Toyota for the second month in a row.
Truong Hai, which has a 35-hectare factory in the central province of Quang Nam, is targeting sales of at least 34,500 units this year and revenues of VND12.4 trillion (US$603.7 million). Passenger car models like Kia Morning, Cerens and Forte are now its bestsellers.
Nguyen Mot, the company's media manager, said they entered the market only four years ago and the current market position proved that their business strategies have already paid off.
The company has also said it will increase investment in car parts production and establishing retail outlets.
Car sales in Vietnam between January and April rose 20 percent from the same period last year to 37,305 units, according to the Vietnam Automobile Manufacturers' Association.
Toyota Vietnam has been dominating the local market for many years, until March. It sold 2,553 cars in April, up 27.3 percent from a year ago. Production at its facility was reduced to 30 percent from April 25 to June 3 due to a shortage of parts following the earthquake and tsunami in Japan.