Vietnam has posted the fastest growth in car ownership worldwide as a result of the expansion of its middle class, according to a report from the International Organization of Motor Vehicle Manufacturers (OICA).

Its motorization rate surged 17 per cent each year between 2015 and 2020, followed by China with 14 per cent and India 10 per cent.

It is estimated that there are 55 cars in use per 1,000 people in Vietnam.

The report shows that New Zealand tops the list of countries with the highest car ownership rate. It is estimated that there are nearly nine cars on the road for every 10 people in the country. It was followed by the US.