Same happened with me in many types of cars,
Japanese, Pakistani, all of them,
I have checked with Corolla 2001, Passo 2007, Passo 2011, EK 2013, Baleno 2005,
All cars give this amount of error of around 10km/h at aprrox speed of 120,
then i thought that it might be for safety of people, i.e. if they are seeing 120 on their speedometer, then actually it should be less.
I used original speedometer readings, GPS and internal OBD reading of ECU for comparison.