Hanoi (VNA) – Vietnam’s domestic consumer market reached a new record in the first half of 2026, reaffirming its role as a key driver of economic growth. However, despite double-digit expansion in retail sales, consumer spending remains cautious, highlighting the need for stronger demand-stimulation measures, higher-quality Vietnamese products and continued development of the modern retail sector.
According to the National Statistics Office under the Ministry of Finance, total retail sales of goods and consumer service revenue reached an estimated 3.89 quadrillion VND (148.1 billion USD) in the first six months of the year, up 12.9% year-on-year. This marked the highest first-half figure on record, underscoring the growing importance of domestic consumption as one of the economy’s main pillars.
Retail sales in June alone were estimated at 665.6 trillion VND, up 1.1% from the previous month and 14.8% year-on-year. During the second quarter, the domestic consumer market expanded by 13.9% to nearly 1.98 quadrillion VND, reflecting a more pronounced recovery in consumer activity.
Retail trade continued to account for the largest share of total revenue, generating 2.94 quadrillion VND, or 75.6% of the total, up 12.5% year-on-year. Strong growth was recorded in several product categories, including precious stones and metals (31.3%), petrol (15.3%), and construction materials (13.2%).
The services sector also posted encouraging results. Revenue from accommodation and food services rose 15.6% to 493 trillion VND, while travel and tourism services generated 49.8 trillion VND, up 15%. Revenue from other consumer services reached nearly 405 trillion VND, an increase of 12.5%.
Major economic centres and tourism destinations, including Quang Ninh, Da Nang, Can Tho, Hanoi, Hai Phong and Ho Chi Minh City, all maintained robust consumption growth.
Despite the positive headline figures, analysts caution that actual purchasing power has yet to recover fully. Household incomes have improved only gradually, while inflationary pressures, rising living costs and uncertainties in the global economy continue to encourage consumers to prioritise essential goods and spend more cautiously.
To maintain momentum in the second half of the year, retailers have launched extensive promotional programmes. Since early July, major retail chains, including Saigon Co.op, Lotte Mart, MM Mega Market and AEON, have introduced significant discounts on food, consumer goods, personal care products and other daily necessities.
Beyond price competition, retailers are also placing greater emphasis on promoting high-quality Vietnamese products, OCOP (One Commune Once Product)-certified goods and regional specialties.
According to experts, as raw material, logistics and labour costs continue to rise, competing primarily on price will become increasingly unsustainable. Instead, businesses should focus on creating higher value-added products through technological innovation, product improvement, quality enhancement and stronger brand development./.
Retail sales, consumer services up nearly 13% in first half
In the first six months, total retail sales and consumer service revenue amounted to an estimated 3,889.5 trillion VND, up 12.9% year-on-year. After excluding price factors, real growth stood at 7.3%, reflecting a solid recovery in domestic purchasing power and consumer demand.
