The General Statistics Office (GSO) on July 28 reported that thetotal retail sale of goods and services in the first seven monthsachieved a year-on-year increase of 11.4 percent to 78.8 billion USD.
Excludinginflation, the growth was 6.15 percent since early this year againstthe growth rate at 5.1 percent in the first quarter, 5.5 percent in thefirst four months and 6 percent in the first five months. It was 5.7percent in the first half of the year.
During the first sevenmonths of this year, the total retail sale of goods accounted for 75percent of the total to reach 59.15 billion USD, 10.1 percent higherthan the same period last year.
Sales of accommodation andrestaurant services had a year-on-year increase of 12.8 percent to 9.62billion USD and other services gained 9.22 billion USD, 18.3 percenthigher than same period last year.
GSO economic expert Vu Manh Hasaid, however, that the real purchasing power still grew slowly, as theconsumer price index increased only 1.62 percent during the first sevenmonths – the lowest level since 2006.
The growth rate of retailsales of goods and services each month showed a downward trend duringthe first seven months, the office said. The rate increased 2.3 percentin February against January, 2 percent in March against February and 1.4percent in April against May. It rose 0.7 percent in July against June.
However,the domestic retail market shows great potential in the future,according to property consulting and service provider CBRE Vietnam.
Looking ahead, the retail market could expect more activities and new entrants in Vietnam in general and Hanoi in particular.
Accordingto a recent report by CBRE, Vietnam ranked second among ten top marketsfor Asian retailers in 2014. Another survey conducted by CBRE alsoshowed that Hanoi and Ho Chi Minh City are among top 10 cities in AsiaPacific where retailers intend to open stores in 2014.
On thelegal side, Vietnam will completely open the market to foreign retailersby January 2015 under WTO obligations. In addition, under the ASEANTrade in Goods Agreement, Vietnam has reduced import duties from ASEANto zero on 10,000 tariff lines.
While this support is expected toserve as a good foundation for more international retailers and goodsto enter Vietnam, local retailers may struggle with competition fromforeign retailers with modern, tried and tested internationalconcepts.-VNA
Excludinginflation, the growth was 6.15 percent since early this year againstthe growth rate at 5.1 percent in the first quarter, 5.5 percent in thefirst four months and 6 percent in the first five months. It was 5.7percent in the first half of the year.
During the first sevenmonths of this year, the total retail sale of goods accounted for 75percent of the total to reach 59.15 billion USD, 10.1 percent higherthan the same period last year.
Sales of accommodation andrestaurant services had a year-on-year increase of 12.8 percent to 9.62billion USD and other services gained 9.22 billion USD, 18.3 percenthigher than same period last year.
GSO economic expert Vu Manh Hasaid, however, that the real purchasing power still grew slowly, as theconsumer price index increased only 1.62 percent during the first sevenmonths – the lowest level since 2006.
The growth rate of retailsales of goods and services each month showed a downward trend duringthe first seven months, the office said. The rate increased 2.3 percentin February against January, 2 percent in March against February and 1.4percent in April against May. It rose 0.7 percent in July against June.
However,the domestic retail market shows great potential in the future,according to property consulting and service provider CBRE Vietnam.
Looking ahead, the retail market could expect more activities and new entrants in Vietnam in general and Hanoi in particular.
Accordingto a recent report by CBRE, Vietnam ranked second among ten top marketsfor Asian retailers in 2014. Another survey conducted by CBRE alsoshowed that Hanoi and Ho Chi Minh City are among top 10 cities in AsiaPacific where retailers intend to open stores in 2014.
On thelegal side, Vietnam will completely open the market to foreign retailersby January 2015 under WTO obligations. In addition, under the ASEANTrade in Goods Agreement, Vietnam has reduced import duties from ASEANto zero on 10,000 tariff lines.
While this support is expected toserve as a good foundation for more international retailers and goodsto enter Vietnam, local retailers may struggle with competition fromforeign retailers with modern, tried and tested internationalconcepts.-VNA
