Hanoi – Vietnam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent, reported the General Statistics Office (GSO).
The figure amounted to an 8.9 percent increase, excluding the price factor, the highest rise recorded since the beginning of this year, said GSO domestic trade expert Vu Manh Ha, adding that the figure was also higher than 8.5 percent growth of the same period last year.
Ha attributed the growth in purchasing power to surges in demand for accommodation and catering services after high school graduation and university examinations as well in essential goods for the new school year which starts in September.
Recovery in revenue from accommodation and catering services in four central provinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue – after last year’s environmental disaster caused by Formosa also contributed to the retail sales increase, he said.
From January to August, revenue of retail sales reached 1.93 quadrillion VND (86.1 billion USD), accounting for three quarters of total revenue, a yearly rise of 10.3 percent. Sectors posting significant growth included textile and garments, up 14 percent; equipment and home appliances, up 11.6 percent; food and foodstuff, up 10.6 percent; and transportation, up 7.6 percent.
Revenue from accommodation and catering services stood at 318 trillion VND (14.1 billion USD), an increase of 11.3 percent against the figure in the same period last year.
Meanwhile, the tourism sector experienced a revenue increase of 11 percent year-on-year in the first eight months to 23.1 trillion VND (1.26 billion USD), with several localities witnessing significant growth, such as the northern province of Bac Giang with 25.1 percent; the central province of Khanh Hoa (23 percent); HCM City (12.2 percent) and the southern province of Ba Ria – Vung Tau (12 percent).
The Association of Vietnam Retailers has forecast that the country’s retail turnover will rise to 179 billion USD by 2020.
Photo: CBR Investment AG