Goods, services revenue surges this year

Goods, services revenue surges this year

The country's total retail revenue of goods and services in the first eight months of the year surged 17.9 per cent over the same period last year to VND1,517 trillion (US$72.3 billion), according to the General Statistics Office (GSO).

Excluding inflationary factors, the revenue grew 6.8 per cent year-on-year, the GSO said in a monthly report.

August alone, the value rose 0.6 per cent against the previous month to VND190.32 trillion.

GSO's expert Vu Manh Ha attributed the rise to the growing consumption demands in the third quarter when the country celebrated various festivals and started a new school year.

Ha said that demands for consumer goods like foodstuffs, garments and textiles, footwear, stationery, books and notebooks surged significantly during the past month. Demand for tourism also surged 5.5 per cent.

GSO reported that the trade sector had the biggest contribution of VND1,171.62 trillion and accounted 77.2 per cent of the country's total retail sales revenue, up 17 per cent year-on-year.

The hotel and restaurant sector saw a year-on-year revenue rise of 19.9 per cent to VND171.3 trillion while tourism and service sectors had an increase of 31.3 per cent and 21.1 per cent to VND16.33 trillion and VND150.46 trillion, respectively.

Ha forecast that the total retail sales revenue would continuously increase thanks to higher demand during the Christmas and New Year season. However, the rising rates would not be significant and would be lower than that of the previous years.

Traders also forecast that purchasing power would increase significantly in the next few months.

The country's total retail sales and service revenues are forecast to rise between 22 per cent and 23 per cent year-on-year to VND2,445 trillion this year.

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