Excluding inflation, the increase is 9.5%, reaching the highest rate this year, against the growth rate at 6.2% in the first quarter, 8.4% in the first half of the year, 9.2% in the first nine months and 9.4% in the first 10 months of the year, GSO said.
The increase in people’s purchasing power has been attributed to the high consumer demand, as the consumer price index grew slowly in 11 months, only by half of the growth rate against the same period last year, Vu Manh Ha, an expert at GSO’s Internal Economics Department, said.
During the first 11 months, the total retail sales of goods accounted for 75% of the total to reach US$120 billion, a year-on-year increase of 10.8%. Retail sales of cars were up by 17.8%, wooden products and building materials went up 12.5%, all kinds of gasoline increased by 11.8% and food and foodstuff were up by 10.4%.
Notably, the sales of construction materials rose sharply, especially materials used for repairing houses damaged by floods and storms in the central region of Vietnam. The sales of cars also increased due to many automotive companies offering discount on car prices. Gasoline prices have increased several times in the reviewed period.
Retail sales of accommodation, restaurant and catering services ranked second with an 11.2% increase to touch nearly US$20 billion.
Travel services also accounted for an increase of 16.2% in spite having low value. The sales of other services accounted for 11.8% of the total retail sales and services, posting a year-on-year rise of 9.6%.
Some localities recorded an encouraging growth in retail revenue, including Quang Ninh, Binh Duong, Lao Cai, Binh Phuoc, with increases from 18% to over 19.2%.
Meanwhile, Thanh Hoa, Ba Ria Vung Tau, Lam Dong and Da Lat led the sales of accommodation, restaurants and catering services, increasing by between 12% and 17%.
Thanh Hoa and Khanh Hoa, which are famous for their beautiful beaches, and Hanoi and HCM City gained the highest revenue from tourism services, some 12-20 percent increase.
In a draft strategy on domestic trade development released recently, the Ministry of Industry and Trade forecast that the revenue of Vietnam’s retail sales market will reach over US$484 billion by 2025 and some US$1.938 trillion by 2035.