Business

Total retail sales of goods, services in 11 months up 8.8%

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.8% to more than 5.8 quadrillion VND (228.4 billion USD) in January – November, according to the General Statistics Office (GSO).

Vietnam’s total retail sales of consumer goods and services see a year-on-year increase of 8.8% in the past 11 months. (Photo: VNA)
Vietnam’s total retail sales of consumer goods and services see a year-on-year increase of 8.8% in the past 11 months. (Photo: VNA)

Hanoi (VNA) - Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.8% to more than 5.8 quadrillion VND (228.4 billion USD) in January – November, according to the General Statistics Office (GSO).

Revenue from retail sale of goods for the 11-month span hit 4.48 quadrillion VND, accounting for 77.1% of the total revenue and rising 8.1% against the same time last year. Good growth was seen in the sales of food (10.8%), household equipment (5.9%), clothing (8.1%), transport vehicles (7.4%), and cultural and educational materials (5.6%).

Several localities showed positive retail sales trend, including Hai Phong city (up 9.5%), Quang Ninh province (up 9.3%), Da Nang city (up 7.4%), Hanoi (up 6.5%) and Ho Chi Minh City (up 5.2%).

Accommodation and catering industries generated an estimated 669 trillion VND, a year-on-year rise of 13%. Localities with strong surge in the revenue included Khanh Hoa (17%), Hai Phong (13.2%), Can Tho (12.6%), and Hanoi (10.7%).

Tourism services demonstrated exceptional performance, with an estimated 17.3% growth in revenue, totaling 57.5 trillion VND, as localities have scaled up tourism promotion activities from the outset of the year.

Turnover from other services was estimated at 608.5 trillion VND, up 9.1% year-on-year.

With a view to ensuring market development until the end of the year, the GSO has recommended the Ministry of Industry and Trade accelerate the review and completion of legal frameworks on domestic market management while joining hands with ministries and sectors to keep a close watch on market developments to ensure sufficient supply of essential items and prevent price surges.

As major holidays are approaching, including Christmas, the New Year, and the Lunar New Year, retailers are launching consumption stimulus campaigns. Winmart, for instance, has introduced "Year-End Super Sale" and "Festive New Year Offers" with significant discounts, including 50% off on various items and member-exclusive promotions.

Meanwhile, small vendors have reported challenging sales conditions, with reducing customer footfall and higher procurement costs./.

VNA
#total retail sales #consumer goods and services #tourism services #market developments
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