Business

Vietnam’s retail sales rise on strong consumer demand

Vietnam’s total revenue from retail trade and services in the first nine months of this year reached 3.6 quadrillion VND (around 155.3 billion USD), 11.6 percent over the same period last year.
Vietnam’s retail sales rise on strong consumer demand ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnam’s total revenue from retail trade and services in thefirst nine months of this year reached 3.6 quadrillion VND (around 155.3 billion USD),11.6 percent over the same period last year.

If theprice factor was excluded, the total revenue rose by 9.2 percent year onyear, higher than the rate of 9.1 percent recorded in the first ninemonths of 2018, according to the General Statistics Office (GSO).

Accordingto GSO experts, high demand due to improved living standards had spurredconsumption. An abundant supply of goods and guaranteed quality hadalso increased sales volume.

Thanks toincreased purchasing power, the wholesale and retail sector together withthe services sector contributed significantly to GDP growth of 6.98 percent inthe first nine months of 2019, the highest level recorded since 2011.

Accordingto the GSO, total revenue from retail trade and services in Septemberwas estimated at 420.3 trillion VND, up 1.7 percent month on month, and up12.7 percent year on year.

For thethird quarter of 2019, total revenue reached 1.2 quadrillion VND, up 3.5 percentcompared to the previous quarter, and up 12.2 percent year on year.

Retailsales reached 2.8 quadrillion VND, accounting for 76 percent of the totalrevenue and up 12.6 percent over the same period last year.

Manyindustries enjoyed growth including cultural goods and education (17.4 percent);food and foodstuffs (15.4 percent); household appliances, tools, and equipment(13 percent); garments (12 percent); and transportation (10.2 percent).

Somelocalities increased the retail sales of goods such as: Quang Ninh (19.7 percent);Binh Duong (17.6 percent); Thanh Hoa (15.1 percent); Hai Phong (14.9 percent);Da Nang (13.9 percent); Nghe An (13.8 percent); and Hanoi (12.7 percent).

Revenuefrom accommodation and catering services was estimated at 434.7 trillion VND,accounting for 12 percent of the total and up 9.6 percent over the same periodlast year.

Revenueincreased by 19.5 percent in Binh Dinh; 16.2 percent in Quang Binh; 15.9 percentin Hai Phong; 15.3 percent in Can Tho; 11.9 percent in Vinh Long; and 11.3percent in Hanoi.

Estimatedrevenue from the tourism sector was 33.5 trillion VND, up 12 percent over thesame period last year./.
VNA
#retail trade and services #first nine months #General Statistics Office (GSO) #goods supply #GDP growth #wholesale and retail sector #education #food #household appliances #garments #transportation #Quang Ninh #Binh Duong #Thanh Hoa #Hai Phong #Da Nang #Nghe An #Hanoi #Vietnamplus #Vietnam News Agency
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