Retail revenues reach nearly 102 billion USD in first half

Hanoi (VNA) - The nation's total revenue from retail sales and services saw a significant growth of 11.5 percent to more than 23.9 quadrillion VND (nearly 102 billion USD) in the first half of this year.

The increase was the highest level seen in the first half of any of the past three years, the General Statistics Office (GSO) has said in a monthly report.

Excluding the price factor, the growth rate was 8.7 percent against the first half of last year.

The abundant supply met manufacturing and consumption demands, GSO Director Nguyen Bich Lam told a press conference in Hanoi late last week. Lam said the local market was buoyed in the reviewed period by a broadened consumption market and diversified promotions.

In the six-month period, retail sales of goods reached 18.23 quadrillion VND, up 12.5 percent year-on-year and making up 76.3 percent of all revenue. Sales of food and foodstuff rose 13 percent, household equipment rose 12 percent, garments rose 11 percent and cultural, educational and transport facilities rose 10.7 percent.

According to the report, sales of restaurant and accommodation services topped 286.7 trillion VND in the period, accounting for 12 percent of the total revenue and surging 10 percent over same period last year. Travel services revenue amounted at 21.9 trillion VND, up 13 percent.

With the upward trend in total retail sales, the Ministry of Industry and Trade forecast total sales this year would grow by 10 percent.

The GSO’s figures also revealed that the country’s retail market scale has rapidly increased in recent years from 88 billion USD in 2010 to 130 billion USD in 2017. It is expected to rise to 180 billion USD in 2020.

Under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam will remove limitations on the opening of more retail stores in 2024 after the deal has been in effect for five years. The Vietnamese retail market is expected to experience a boom thanks to the participation of both traditional distributors and major e-commerce groups.-VNA