August retail sales in huge surge
August retail sales in huge surge
Viet Nam’s total revenue from retail sales and services reached VND2.58 quadrillion (US$114.7 billion) in the first eight months of this year, a year on year increase of 10.3 per cent, reported the General Statistics Office (GSO).
The figure amounted to an 8.9 per cent increase, excluding the price factor, the highest rise recorded since the beginning of this year, said GSO domestic trade expert Vu Manh Ha, adding that the figure was also higher than 8.5 per cent growth of the same period last year.
Ha attributed the growth in purchasing power to surges in demand for accommodation and catering services after high school graduation and university examinations as well in essential goods for the new school year which starts next month.
Recovery in revenue from accommodation and catering services in four central provinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue - after last year’s environmental disaster caused by Formosa also contributed to the retail sales increase, he said.
From January to August, revenue of retail sales reached VND1.93 quadrillion ($86.1 billion), accounting for three quarters of total revenue, a yearly rise of 10.3 per cent. Sectors posting significant growth included textile and garments, up 14 per cent; equipment and home appliances, up 11.6 per cent; food and foodstuff, up 10.6 per cent; and transportation, up 7.6 per cent.
Revenue from accommodation and catering services stood at VND318 trillion ($14.1 billion), an increase of 11.3 per cent against the revenue in the same period last year.
Meanwhile, the tourism sector experienced a revenue increase of 11 per cent year-on-year in the first eight months to VND23.1 trillion ($1.26 billion), with several localities witnessing significant growth, such as northern province of Bac Giang with 25.1 per cent; central province of Khanh Hoa (23 per cent); HCM City (12.2 per cent) and Ba Ria – Vung Tau (12 per cent).
The Association of Viet Nam Retailers has forecast that the country’s retail turnover will rise to $179 billion by 2020.
