Vietnam’s total revenue from retail trade and services reached over 5 quadrillion VND (219.5 billion USD) in 2020, representing a modest yearly rise of 2.6 percent, according to the General Statistics Office (GSO).
Vietnam’s retail sales growth will bounce back to pre-COVID-19 levels next year, reaching 8.5-9 percent year-on-year, according to VNDirect Securities.
Customers have scrambled to buy automobiles before the end of 2020 to enjoy the 50 percent reduction in registration fees, making the auto market more robust as compared to the situation at the outset of the year.
Using online platforms to boost exports is an inevitable trend that will help food and beverage businesses penetrate the global market, reduce costs and quickly reach consumers, especially amid the COVID-19 pandemic, business leaders and industry experts have said.
The implementation of many large projects after the social distancing period and disbursement of public investment for infrastructure until the end of this year are expected to support growth in construction steel consumption, according to Rong Viet Securities (VDSC).
Automobile sales in August were down 14 percent against July, to 20,655 units, despite the introduction of a range of promotional programmes, according to the Vietnam Automobile Manufacturers’ Association (VAMA).
Masan Group Corporation (HOSE: MSN) has reported consolidated net revenues of 17.632 trillion VND (753.08 million USD) in the first quarter of financial year 2020, a year-on-year increase of 116.1 percent.
International media outlets have highlighted Vietnam’s thriving economy which is among the fastest-growing in Southeast Asia in 2019 amid the global economic slowdown.
Vietnam’s GDP growth would reach 6.8 percent from the 7.02 percent posted in 2019, mainly due to a slowdown in the industrial sector, analysts from Fitch Solutions forecast.
International media outlets have highlighted Vietnam’s thriving economy which is among the fastest-growing in Southeast Asia in 2019 amid the global economic slowdown.
Snacks are replacing traditional meals as busy modern life changes consumer behaviour, making the snack market lucrative globally including in Vietnam, experts said.
With a GDP expansion of 7.31 percent in the third quarter, the growth target of 6.6 – 6.8 percent for 2019 set by the National Assembly is achievable and likely to reach 7.05 percent.
Economists are upgrading their growth projections for Vietnam after the latest data showed the economy surged more than 7 percent in the third quarter, according to Bloomberg.
In the first nine months of 2019, the final consumption expenditure was 7.2 percent, while asset accumulation rose 7.68 percent, and exports expanded 7.41 percent.
Total retail sales of goods and services in Vietnam in the first seven months of the year rose 11.6 percent from the same period in 2018 to reach 2.8 quadrillion VND (120.36 billion USD).
The country’s total retail sales and services revenue rose 12.2 percent year-on-year to 793.8 trillion VND (35.2 billion USD) in the first two months of this year.
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