Thursday, August 17, 2017 - 5:03:19

Vietnam’s retail sector posts 12 percent profit rise

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Vietnam's total retail sales and service revenue in the first 11 months of this year reached 2,386 trillion VND (113 billion USD), the General Statistics Office (GSO) reported.

The figure represented a 12.6 percent year-on-year rise, the highest level so far this year, the GSO said, adding that the increase would have only been 5.5 percent if price hikes were excluded.

Le Thi Minh Thuy, head of the GSO's Trade Department, said the consumer price index in November grew 0.34 percent, the lowest level in the past five years, sparking an increase in retail sales and service revenue.

Thuy said that purchasing power had risen, contributing to revenue growth.

She added that the increase was only one-third of the level recorded during the same period in 2010 due to low incomes and tightened spending.
People were only buying essential goods, and spending was limited on hotel and restaurant services.

The trade sector, which accounted for 76.8 percent of the total, rose 12.2 percent over the same period last year, while hotel and restaurant services were up 15.3 percent.

The service sector posted a 13.4 percent year-on-year increase, followed by the tourism industry with a 1.8 percent jump.

The individual economic sector accounted for half of the total retail sales and services, reaching 1,201 trillion VND (57 billion USD).

It was followed by the private sector with 824.6 trillion VND (39 billion USD), accounting for 35.3 percent.

Several items posted sharp decreases, including gold, motorbikes and electrical products.-VNA
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