Retail sales, services see 10.9 percent rise

Total revenue from retail trade and services during the first two months of 2013 was estimated at 422.2 trillion VND (20.59 billion USD), a surge of 10.9 percent year-on-year, according to the General Statistical Office (GSO).

Excluding the price factor, retail sales in January and February rose 3.6 percent year on year, the GSO said.

Trade accounted for the biggest percentage of the increase, hitting 328.2 trillion VND (over 16 billion USD), a yearly increase of 10.4 percent.

The hotel and restaurant sector posted annual growth of 13 percent, rising to 48.8 trillion VND (2.38 billion USD) and accounting for 11.6 percent of the country’s total figure.

The services sector grew 14.5 percent to 41.7 trillion VND (2.03 billion USD), making up 89.9 percent.

Notably, the tourism sector recorded a slump of 4.4 percent from a year earlier to 3.5 trillion VND (170.7 million USD) and accounted for a modest 0.8 percent.

According to the GSO, the value of retail sales rose by 16 percent in 2012 to 2.324 trillion VND (110.7 billion USD).

Inventories in the manufacturing and processing industries fell this year from 30 percent in the early months of 2012 to an average of 23 percent for the entire year, patterns expected to repeat in the coming months.-VNA