Strong growth recorded in revenue from retail, services

Hanoi (VNA) – Revenue from retail sales of goods and services totalled about 515.8 trillion VND (21.87 billion VND) in December and over 1.54 quadrillion VND (65.3 billion USD) in the fourth quarter of 2022, a year on year rise of 17.1%, reported the General Statistics Office (GSO).

Of the total, retail sales of goods reach 1.18 quadrillion VND (50.05 billion USD), a rise of 11.1% over the same period in previous year. Revenue from accommodation, catering and tourism services is 154.2 trillion VND, and that from other services 180 trillion VND, up 41.2% year on year. 

For the whole year, total revenue from retail sales of goods and services hits 5.67 quadrillion VND (240.5 billion USD), up 19.8% year on year, and 15% compared to 2019, the year before COVID-19 broke out.

The highest rise was seen in retail sales of cultural and education products at 22.9%, followed by garment and textile products at 19.1%, and travel means 13.8%, food and foodstuff 10%, and household appliances 7%.

Localities enjoying strong growth in the revenue include HCM City (26.4%), Da Nang (14.7), Can Tho (14.2%), Dong Nai (13.7%), Quang Ninh (12.1%), Hanoi (12%), and Hai Phong (10.4%).

According to the GSO, the goods market has been stable, the same as the supply and prices of goods.

In order to keep the market stable from now through the Lunar New Year (Tet) Festival, the Ministry of Industry and Trade (MoIT) will continue to coordinate closely with relevant ministries, sectors and localities to keep a close eye on market developments and ensure supply sources of necessities and launch market stabilisation programmes, thus preventing the shortage of goods or hike in prices.

Hoang Anh Duong, Vice Director of the Market Management Department under the MoIT said that inspections will be strengthened to combat smuggling, trade frauds and fake commodities and ensure food safety./.