Vietnam’s retail sales rise on strong consumer demand

Hanoi (VNA) – 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.

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

According to GSO experts, high demand due to improved living standards had spurred consumption. An abundant supply of goods and guaranteed quality had also increased sales volume.

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

According to the GSO, total revenue from retail trade and services in September was estimated at 420.3 trillion VND, up 1.7 percent month on month, and up 12.7 percent year on year.

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

Retail sales reached 2.8 quadrillion VND, accounting for 76 percent of the total revenue and up 12.6 percent over the same period last year.

Many industries 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).

Some localities 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).

Revenue from 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 period last year.

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

Estimated revenue from the tourism sector was 33.5 trillion VND, up 12 percent over the same period last year./.