Hanoi (VNS/VNA) - Total retail sales of goods and services in Vietnam reached nearly 4.4 quadrillion VND (191 billion USD) in 2018, representing a rise of 11.7 percent against the previous year, according to the General Statistics Office (GSO).

According to the GSO, the increase reflected strong purchasing power in the domestic market, which contributed significantly to overall economic growth reaching an 11-year high of 7.08 percent.

The retail value of goods totalled 3.3 quadrillion VND, accounting for 75.2 percent of retail sales and representing an increase of 12.4 percent over 2017.

With double-digit growth in recent years and strong domestic purchasing power of the population of more than 90 million people, the goods retail market of Vietnam was attractive to investors.

The goods retail market was developing rapidly with the penetration of foreign retailers and the expansion of domestic players, according to Do Thu Hang from property consulting services firms Savills Hanoi.

According to the Vietnam Institute for Trade Research, the market is seeing a rising trend of investments in minimarts and convenience stores.

The institute forecast that convenience stores would see double-digit growth in the next three years and reach 37.4 percent growth in 2021.

Under the domestic trade development strategy, total sales of goods and services would grow by 13 percent each year through 2020 and by 14 percent per year in the 2021-25 period.

The Ministry of Planning and Investment’s statistics showed the wholesale and retail sector ranked third in attracting foreign direct investment in 2018 with total registered capital of 3.37 billion USD, accounting for 10.3 percent of the country’s FDI.-VNS/VNA