Retail sales slow down over nine months hinh anh 1Consumer goods on shelves at the Aeon Mall in Long Bien District, Hanoi. (Photo: VNA)

Hanoi (VNA) - The total revenue from retail trade and services topped 118.4 billion USD during the first nine months of this year, surging 9.5 percent year-on-year, according to the General Statistics Office (GSO). 

Excluding inflation, the increase would be 7 percent, lower than the 9.2 percent seen in the same period last year, GSO said. 

GSO statisticians blamed the slow growth of retail trade in the period for the fact that local consumers have curbed their spending due to price fluctuations in the consumer market and other services such petroleum, health-care and school fees. 

Retail sales of goods, which accounted for more than three fourths of the total sales, reached 90.2 billion USD from January to September, up 9.7 percent against last year’s corresponding period with several sectors recording a positive revenue increase including food and foodstuffs (up 13.2 percent); home appliances (up 10.1 percent) and textile and garments (up 9.5 percent) and transport services (up 7.6 percent). 

Meanwhile, retail sales in accommodation, restaurant and catering services, which accounted for 10 percent of the total, posted a revenue of 13.64 billion USD, a yearly rise of 8.3 percent. 

Some localities recording an encouraging retail revenue growth included Bac Giang, Lang Son and Hanoi while several others witnessed a sale reduction such as Hoa Binh, Ha Tinh, Phu Tho, Nghe An and Lai Chau. 

The country’s retail turnover is expected to rise to 179 billion USD by 2020, the Association of Vietnam Retailers (AVR) has forecast. 

According to AVR, the sector’s huge potential has attracted a lot of local and foreign investors, especially in HCM City, the country’s economic hub.-VNA