The total retail sales and service revenue earned in the country in January this year was more than 275.4 trillion VND (13 billion USD), data from the General Statistics Office (GSO) revealed.
The figure represents a 13 percent year-on-year rise, GSO said, adding that the increase will be 11.9 percent if price hikes are excluded.
Vu Manh Ha from the GSO said that January recorded the highest total retail sales growth (inflation excluded) over the past five years. He said retail sales saw yearly increases of 8.9 percent in January 2011; 4 percent in January 2012; 1 percent in January 2013; and 7.2 percent in 2014.
Ha attributed the significant rise in 2015 to surging consumer demand for the forthcoming Tet holiday, as well as the country's low consumer price index and sharp decline in the global petroleum price, which has curbed price hikes of essential goods. That has encouraged local consumers to buy more.
During the month, the trade sector, which accounts for 77 percent of total revenue, surged 13.6 percent year-on-year. Several products posted increases in trade, including garments (6.2 percent) and home appliances (5.7 percent).
Meanwhile, the hotel-restaurant sector, which comprises 11.3 percent of the total revenue, was up 2.9 percent month-on-month and 5.2 percent year-on-year. However, tourism and other services had a yearly sales revenue fall of 1.8 percent and 4.2 percent respectively in January.
The GSO reported that the country's total value of retail sales of goods and services in 2014 increased approximately by 10.6 percent, when compared to last year.
Experts revealed that last year's increase in purchasing power was below expectations as the rate was just half the value attained in 2010. They explained that while supply exceeded demand, incomes did not improve much.-VNA
The figure represents a 13 percent year-on-year rise, GSO said, adding that the increase will be 11.9 percent if price hikes are excluded.
Vu Manh Ha from the GSO said that January recorded the highest total retail sales growth (inflation excluded) over the past five years. He said retail sales saw yearly increases of 8.9 percent in January 2011; 4 percent in January 2012; 1 percent in January 2013; and 7.2 percent in 2014.
Ha attributed the significant rise in 2015 to surging consumer demand for the forthcoming Tet holiday, as well as the country's low consumer price index and sharp decline in the global petroleum price, which has curbed price hikes of essential goods. That has encouraged local consumers to buy more.
During the month, the trade sector, which accounts for 77 percent of total revenue, surged 13.6 percent year-on-year. Several products posted increases in trade, including garments (6.2 percent) and home appliances (5.7 percent).
Meanwhile, the hotel-restaurant sector, which comprises 11.3 percent of the total revenue, was up 2.9 percent month-on-month and 5.2 percent year-on-year. However, tourism and other services had a yearly sales revenue fall of 1.8 percent and 4.2 percent respectively in January.
The GSO reported that the country's total value of retail sales of goods and services in 2014 increased approximately by 10.6 percent, when compared to last year.
Experts revealed that last year's increase in purchasing power was below expectations as the rate was just half the value attained in 2010. They explained that while supply exceeded demand, incomes did not improve much.-VNA
