Viet Nam’s retail sales down in five months

Total revenue of retail trade and services reached more than VND1.91 quadrillion (US$82.36 billion) in the first five months of this year, down 4 per cent year-on-year, a report from the General Statistics Office (GSO) showed.

 

If inflation was excluded, retail sales dropped 8.6 per cent, compared to 8.5 per cent seen in last year’s corresponding period.

In May, total retail sales of goods and services witnessed a significant month-on-month increase of 27 per cent to an estimated VND384.8 trillion thanks to the end of the social distancing period, resulting in rebound in purchasing power of local people, the GSO said in its report.

Retail sales of goods during the five-month period were estimated at VND1.54 quadrillion, representing a modest rise of 1.2 per cent year on year or accounting for 80.6 per cent of the total revenue.

GSO statisticians attributed the slight increase in retail sales of goods in the period to sufficient sources of essential goods provided by supermarkets and trade centres so that price fluctuations were not incurred as well as to a change in local people’s consumer behavior with a priority given to shopping online.

Among all sectors, purchases of food and foodstuff grew by 6.1 per cent year-on-year, followed by home appliances (2 per cent) while that of educational and cultural products dropped 8.2 per cent and textiles and apparel (3 per cent).

Several localities recording a retail sale growth included the northern port city of Hai Phong with 9 per cent and two economic hubs of Ha Noi and HCM City with 6.4 per cent and 6 per cent, respectively.

As per the report, the five-month revenue from accommodation and catering services witnessed a decrease of 26 per cent to VND175 trillion, compared to 10 per cent increase in the same period last year.

Despite the facts that accommodation and catering businesses have resumed their operations after the social distancing period and local people have been less worried about the pandemic, the revenue from accommodation and catering services in five months of 2020 still slumped significantly compared to the same period last year as students started to return to school and the people’s demand for travelling remained modest, the GSO assessed.

During the same period, travel service revenues experienced the strongest decline of 54 per cent at VND8.3 trillion because of the complicated development of COVID-19 around the world so Viet Nam halted visa issuance for foreigners and the domestic tourism industry has yet to recover.

Localities posting a strongest decline in travel service revenues were Ba Ria- Vung Tau at 73 per cent; Khanh Hoa (68 per cent); HCM City (66 per cent); Quang Ninh (65 per cent); Can Tho (59 per cent) and Ha Noi (55 per cent).

From January to May, revenue from other services totaled VND186.9 trillion, down 12 per cent year-on-year, the GSO noted.

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