Business

Retail goods, services gross 1.4 quadrillion VND in four months

Retail goods and services generated revenues of nearly 1.4 quadrillion VND (63 billion USD) in the first four months of 2018, a year-on-year rise of 9.85 percent.
Retail goods, services gross 1.4 quadrillion VND in four months ảnh 1Customers at a supermarket in Hanoi (Photo: VNA)

Hanoi (VNA) – Retail goods and servicesgenerated revenues of nearly 1.4 quadrillion VND (63 billion USD) in the firstfour months of 2018, a year-on-year rise of 9.85 percent.

Tourism recorded the strongest growth of 26.1percent thanks to economic recovery, increasing tourism demand, and theincreasing number of foreign tour packages in Vietnam, according to theMinistry of Industry and Trade.

Other groups saw a year-on-year increase rangingfrom 8 to 12.7 percent.

In April alone, the total sales of retail goodsand services reached over 350.5 trillion VND (15.3 billion USD), up 1.7 percentagainst the previous month and 9.54 percent over the same period last year.

The total revenue from retail sales and servicesreached 3.93 quadrillion VND (174.85 billion USD) in 2017, surging 10.9 percentyear-on-year, according to the General Statistics Office (GSO).

In 2016, Vietnam was listed in the top 30 mostlucrative emerging retail markets in the world for foreign investors in A.T.Kearney's Global Retail Development Index. 

The country’s retail market is expected to growfast to meet surging demand for shopping and recreational activities from 2018to 2021.

According to Savills Vietnam – the largestproperty consultancy in Vietnam, numerous international retailers plan toinvest in the sector in Vietnam, including Thailand’s TCC group and CentralGroup, Singapore’s Mapple Tree and Kepple Land, Korean Lotte and Emart andJapanese Aeon and Takashimaya.

The participation of foreign investors will helpenhance retail service quality via mergers and acquisitions (M&A), andcooperation between domestic and foreign retailers.

The market also has room for shopping malls,supermarkets and one-price shops using technology in operation and management.

Online shopping and non-cash payments will beamong factors to change Vietnam’s retail market.

With an over-90 million population,  nearly70 percent of whom are at working age, 34 percent living in urban areas andannual income per capita reaching 2,385 USD, Vietnam is considered to have hugeroom for retail growth.-VNA

VNA
#retail goods #services #revenues #growth #economic recovery #tourism #foreign tour package #retail market #consumption #supermarkets #retail market #online shopping #Vietnamplus #Vietnam News Agency
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