Retail and services expected to maintain robust trajectory
Retail and services expected to maintain robust trajectory
With positive signals in retail and services, continued robust growth in retail sales of goods and consumer service revenues is forecast.
The increase in consumer spending drove total retail sales of goods and revenue from consumer services in November to a growth rate of 8.8 per cent compared to the same period last year.
Decent offers draw the attention of the typical consumer, photo Le Toan |
According to the General Statistics Office (GSO), total retail sales of goods and consumer service revenue for November reached $22.48 billion, with key drivers of growth including food and beverages, accommodation services, dining, and travel.
Overall, in the first 11 months of the year, retail sales of goods and consumer service revenue surpassed $232 billion, an 8.8 per cent increase compared to the same period in 2023. Retail sales alone accounted for nearly 77 per cent of the total, reaching $180 billion. Key categories such as food, apparel, and non-automotive vehicles recorded growth rates of 7-11 per cent.
The hospitality and dining services sector also emerged as a bright spot, generating $26.76 billion, or 11.5 per cent of total consumer spending. Meanwhile, tourism services generated $2.3 billion, marking a robust 17.3 per cent on-year increase. This growth reflects concerted efforts by localities to promote tourism and attract visitors from near and far.
With a series of consumer-focused initiatives planned for the end-of-year period, the GSO expects the retail and services sectors to continue this trajectory.
Groups such as Central Retail have seized the moment. Nguyen Minh Tuan, director of the Go! Thang Long supermarket, part of Central Retail, credited promotional campaigns for driving consumer purchasing power.
“We have participated in promotional programmes initiated by the Hanoi Department of Industry and Trade to stimulate consumption, and have worked closely with suppliers to ensure abundant stock and attractive deals for customers,” Tuan told VIR.
In addition to offering discounts, Central Retail has committed to maintaining price stability across its network. This is particularly crucial during the lead-up to Lunar New Year, when shopping demand peaks and consumer preferences shift. “We strive to meet the diverse needs of our customers while ensuring reasonable prices to deliver the best shopping experience,” added Tuan.
From a consumer perspective, promotional campaigns have proven highly appealing. Dao Thu Trang, a 36-year-old office worker in Hanoi, said that year-end sales have significantly influenced her family’s shopping habits.
“Recently, I’ve noticed many discounts and promotions, especially towards the end of the year. These offers have truly drawn my attention and encouraged my family to spend more on household goods and clothing,” Trang said. “However, I still prioritise essential items, as their prices remain relatively stable. This helps me manage my budget effectively while enjoying quality products.”
Similarly, Nguyen Thi Lan Phuong, a 50-year-old housekeeper in Danang, observed that high-end items have become more accessible due to generous discounts, allowing her to spend more comfortably.
“I mainly focus on purchasing food and necessities for my family. The prices of these items have remained stable, making monthly spending manageable. However, I’ve also noticed that premium items like electronics and fashion are now often on sale. This has made me consider purchasing better-quality products that I previously found too expensive. Such promotional strategies are clearly effective, at least for me,” Phuong said.
The Lunar New Year shopping season demands agility and adaptability from businesses to respond to the ever-changing market landscape. Vietnam’s retail market in 2024 has witnessed significant shifts in consumer behaviour, an observation shared by experts at the Tet 2025 Shopping Trends seminar, held in Ho Chi Minh City on December 2.
According to Vu Kim Hanh, chairwoman of the High Quality Vietnamese Products Business Association, the unpredictability of peak shopping seasons demonstrates that Vietnam’s retail market is becoming harder to forecast, with consumer behaviour evolving rapidly.
“To enhance competitiveness during Lunar New Year, businesses must excel in promotions and logistics while focusing on consistent quality and pricing. Our association continues to provide market updates and practical solutions to support Vietnamese enterprises in navigating the volatility of domestic and global markets,” Hanh said.
