Hanoi – Vietnam’s total revenue from retail sales and services has continued to grow strongly, reaching 4 quadrillion VND (172 billion USD) in the first 11 months of this year, a year-on-year increase of 11.5 percent, according to the Statistics Office of Vietnam.
Vietnam’s consumers spent 3 quadrillion VND (129 billion USD) on retail goods, accounting for three-fourths of the total revenue and up 12.3 percent from the same period last year. Several products enjoyed strong growth, including food and foodstuff (12.7 percent), clothing (12.3 percent) and home appliances (12.1 percent).
In November, consumers in the country purchased 385 trillion VND (16.54 billion USD) worth of retail goods and services, up 1.1 percent from October and 12.2 percent year on year.
Of the figure, they spent 288.6 trillion VND (12.4 billion USD) on retail goods, 47 trillion VND (2.02 billion USD) on accommodation and catering services and 3.4 trillion VND (146.1 million USD) on travel.
Last year, retail sales and services earned 3.93 quadrillion VND (174.85 billion USD), surging 10.9 percent year on year.
The growth showed the people’s purchasing power was improving, largely due to the curbing of the consumer price index (CPI) at a hike rate of 3.53 per cent for 2017, below the government’s target.
Retail sales revenue also made up three quarters of the total figure, hitting 2.94 quadrillion VND (130.8 billion USD), a year-on-year rise of 10.9 percent.
The revenue of retail sales rose 14 per cent for automobiles, 13.2 per cent for gemstones and precious metals, 12.8 per cent for wooden products and building materials, 11.1 per cent for food, 10.2 per cent for cultural and educational products, and 9.6 per cent for clothing.
Meanwhile, turnover from accommodation and catering services stood at 494.7 trillion VND (22 billion USD), 12.6 percent of the total revenue and up 12 percent year on year.