Retail, service sectors show optimistic signals in Q1

Retail, service sectors show optimistic signals in Q1

Total retail sales of goods and consumer service revenue in the first three months were estimated at VNĐ1.9 quadrillion (US$72 billion), up 10.9 per cent year-on-year.

Foreign visitors browse souvenirs at a bustling night market in Hà Nội. — VNS Photo Mai Hương

The socio-economic report for the first quarter of 2026, recently released by the National Statistics Office under the Ministry of Finance, reveals highly optimistic signals for the retail market and consumer services.

Total retail sales of goods and consumer service revenue in the first three months of the year were estimated at VNĐ1.9 quadrillion (US$72 billion), a 10.9 per cent increase compared to the same period last year. Excluding the price factor, growth remained steady at 7 per cent.

In March alone, revenue hit VNĐ638.6 trillion, up 12.1 per cent year-on-year.

Retail sales dominated the market, accounting for 76.3 per cent of the total at VNĐ1.45 quadrillion. Within this segment, garments led the growth trend at 9.9 per cent, followed by food and foodstuffs (9.8 per cent), and household appliances and equipment (8.2 per cent). Notable growth in retail sales was recorded in Quảng Ninh (12.8 per cent) and Bắc Ninh (11.4 per cent).

Accommodation and catering services also posted strong results, earning VNĐ234.7 trillion (up 13.3 per cent). Đà Nẵng and Cần Thơ emerged as top performers in this segment with growth rates of 18.1 per cent and 15.1 per cent, respectively. 

The tourism industry continued to prove its spearhead status, with estimated revenue of nearly VNĐ23 trillion in Q1, up 12.5 per cent over the same period last year. The primary driver for this breakthrough was the sharp increase in both domestic and international tourists during the New Year and holidays. Most notably, Việt Nam welcomed 6.76 million international arrivals in the first quarter of 2026, a 12.4 per cent rise year-on-year – the highest Q1 figure on record.

Transport and telecommunications also trended upward, with passenger transport rising 18.3 per cent and telecommunications revenue reaching VNĐ102.8 trillion, up 6.3 per cent.

Experts suggest that the statistics from the first quarter of 2026 indicate a bright economic outlook, creating a solid foundation for the remaining quarters of the year.

Assessing future trends, Nguyễn Thu Oanh, head of the NSO’s Service and Price Statistics Department, noted that as a highly open economy, Việt Nam’s consumption trends depend on various factors such as supply-demand, income and public spending.

To achieve double-digit growth targets, she recommended implementing several solutions. These include launching concentrated promotional programmes on digital platforms to maintain the momentum of garments and household goods, while applying flexible tax mechanisms for household businesses and enterprises to support domestic production.

Furthermore, she emphasised the need to closely monitor the prices of petroleum and essential goods to maintain stable purchasing power and ensure macroeconomic stability. Enhancing the presence of Vietnamese goods in the domestic retail system and encouraging the “Vietnamese people prioritise Vietnamese goods” campaign will be crucial for developing the internal market. 

Bizhub