The price hike, effective from July 1, will vary from US$200 to US$1,000 depending on the model, the Hai Duong-based automaker said. The Ford Focus 1.8MT sedan will rise by US$200; the Ford Escape 2.3 sport utility vehicle by US$1,000.

On May 20, the Ministry of Finance raised tariffs on automobile parts and component imports for local assembly by 5-10 percent, the second rise in May after a 3-5 percent increase earlier this month.

On May 8, Toyota raised retail prices by between US$200 and US$700. Other automakers said they were also considering raising retail prices.

Vietnamese consumers were rushing to buy cars last month before a possible further price hike. A total of 13,271 units were sold in April, up 183 percent from a year earlier. This broke the previous month’s record of 13,081 units.

The jump was fuelled in particular by sales of commercial vehicles, which reached 8,185 units, up 248 percent.

According to the Ministry of Industry and Trade, Vietnam has more than 40 automakers and more than 100 auto-part makers and a total capacity of more than 200,000 units per year.