Business

Retail sales and services reach almost 175 billion USD

The total revenue from retail sales and services reached 3.93 quadrillion VND (174.85 billion USD) in 2017, surging 10.9 percent year-on-year, according to the General Statistics Office (GSO).
Retail sales and services reach almost 175 billion USD ảnh 1Customers shop for goods at Co.opmart Ly Thuong Kiet Supermarket in HCM City.(Photo: VNA)

Hanoi (VNA) - 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).

Excluding inflation, the increase would be 9.46percent, higher than the growth rate of 8.33 percent in 2016, GSO said.

The growth showed that the people’s purchasingpower was improving, contributing significantly to the gross domestic product(GDP) growth rate of 6.81 percent this year, said GSO experts.

The higher purchasing power of the people was due to the curbing of theconsumer price index (CPI) at a low growth rate of 3.53 percent for 2017, lowerthan the government’s target.

The people’s purchasing power increased sharplyfor some products, including automobiles, due to price reduction on certainproducts, higher demand for wooden products and building materials after largestorms and floods in the central region, and increased demand for health careservices despite price increases under the Government’s schedule. Meanwhile, anincrease in the petrol price escalated the prices of some services, such astransport services.

The GSO said retail sales revenue in 2017 reached 2.94 quadrillion VND, ayear-on-year increase of 10.9 percent, accounting for three fourths of thetotal revenue of retail sales and services.

The revenue of retail sales rose 14 percent forauto, 13.2 percent for gemstones and precious metal, 12.8 percent for woodenproducts and building materials and 11.1 percent for food, as well as 10.2 percentfor cultural and educational products and 9.6 percent for garments.

The revenue of accommodation and cateringservices this year stood at 494.7 trillion VND, a year-on-year surge of 12 percent,accounting for 12.6 percent of the total revenue of retail sales and services.

Some localities recorded an encouraging growthin revenue of retail sales and services, including Hanoi, HCM Cityand Thanh Hoa, Ben Tre, Phu Yen and Ninh Binh provinces.

Meanwhile, Hai Phong city, HCM Cityand Nghe An, Khanh Hoa, and Lam Dong provinces gained high revenues fromtourism services.-VNA
VNA
# total revenue #retail sales and services #3.93 quadrillion VND #General Statistics Office #purchasing power #gross domestic product growth #CPI #accommodation and catering services #Vietnam News Agency #Vietnamplus
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