HCM City’s retail sales, services revenue surge by 11.2 percent

 

Hanoi (VNA) - Total retail sales and services revenue in Ho Chi Minh City were estimated at 112.77 trillion VND (4.8 billion USD) in January this year, an increase of 11.2 percent compared to the same period last year, according to the municipal Department of Industry and Trade.

Of which, the total retail sales of goods reached 76.24 trillion VND, an increase of 13.2 percent compared to the same period last year, accounting for 67.61 percent of the total retail sales and services revenue, as the consumption demand of consumers increased heavily due to the festive season, HCM City-based Sai Gon Giai phong reported.

The revenues of products for Tet holidays were fairly high. Particularly, food and foodstuffs rose by 5.4 percent over the previous month and 13.8 percent year-on-year; garments edged up 4.4 percent over the previous month and 14.8 percent year-on-year; household appliances surged by 7.2 percent over the previous month and 13.7 percent year-on-year.

Supermarkets, shopping centres, traditional markets, and stores increased goods supply to meet the buying demand of people before the lunar New Year with purchasing power increased by about 30 percent compared to normal months, concentrating on sweetmeat and Tet gift baskets. Similarly, the purchasing power for home interior decor products also climbed swiftly.

Large distribution channels, including Saigon Co.op, Satra, Aeon-Citimart, and BigC, also ran several promotional campaigns, offering discounts from 5 to 49 percent on thousands of products, boosting purchasing power in the first month of this year.

As for import-export activities, the total export turnover of HCM City-based enterprises at border gates across the country was estimated at more than 3.93 billion USD, down 5 percent compared to December last year but up 10.2 percent compared to the same period last year. The total export turnover of HCM City-based enterprises via the border gate in the city was estimated at more than 3.92 billion USD, an increase of 17.3 percent compared to the same period last year. If excluding crude oil, the figure was estimated at more than 3.73 billion USD, up 19.4 percent over the same period last year.

Among products with higher export turnover, rice saw an increase of 25.1 percent; vegetables and fruits 22.6 percent; computers, electronic products, and electronic components 92.6 percent.

The import turnover of HCM City-based enterprises at border gates in the country was estimated at more than 4.52 billion USD in January, down 8 percent compared to December last year but up 10.5 percent compared to the same period last year. The import turnover via ports in the city exceeded 4.14 billion USD, down 4.1 percent compared to last month but up 17 percent compared to the same period last year.

Ho Chi Minh City is the largest city in Vietnam and the economic hub of the southern region. Accounting for 0.6 percent of Vietnam’s total land area and about 9 percent of the country’s population, it is part of the southern key economic zone, which also comprises Dong Nai, Ba Ria - Vung Tau, Binh Duong, Long An, Tay Ninh and Binh Phuoc provinces. In the southern economic hub, over 3,000 projects across all sectors are supported by foreign capital, while the number of registered enterprises has exceeded 100,000.

In 2019, the city attracted 8.3 billion USD worth of foreign investment, with its labour productivity being nearly three times that of the whole country (299.8 million VND per person, an increase of 6.8 percent over 2018).

The local gross regional domestic product (GRDP) reached more than 1.34 quadrillion VND, an 8.32 percent increase year-on-year.

Before the outbreak of COVID-19, the city set a target of achieving a growth rate of 8.5 percent for GRDP in 2020, with total private investment accounting for 35 percent of GRDP.

This year, HCM City also aims to have 44,000 new businesses, creating 135,000 new jobs./.