Retail sales, services earn US$172 billion in 11 months

Vietnam’s total revenue from retail sales and services has continued to grow strongly, reaching VND4 quadrillion (US$172 billion) in the first 11 months of this year, a year-on-year increase of 11.5%, according to the Statistics Office of Vietnam.

retail sales, services earn us$172 billion in 11 months hinh 0

Vietnam’s consumers spent VND3 quadrillion (US$129 billion) on retail goods, accounting for three-fourths of the total revenue and up 12.3% from the same period last year. Several products enjoyed strong growth, including food and foodstuff (12.7%), clothing (12.3%) and home appliances (12.1%).

In November, consumers in the country purchased VND385 trillion (US$16.54 billion) worth of retail goods and services, up 1.1% from October and 12.2% year on year.

Of the figure, they spent VND288.6 trillion (US$12.4 billion) on retail goods, VND47 trillion (US$2.02 billion) on accommodation and catering services and VND3.4 trillion (US$146.1 million) on travel.  

Last year, retail sales and services earned VND3.93 quadrillion (US$174.85 billion), surging 10.9% year on year.

The growth showed the people’s purchasing power was improving, largely due to the curbing of the consumer price index (CPI) at a hike rate of 3.53% for 2017, below the government’s target.

Retail sales revenue also made up three quarters of the total figure, hitting VND2.94 quadrillion (US$130.8 billion), a year-on-year rise of 10.9%.

The revenue of retail sales rose 14% for automobiles, 13.2% for gemstones and precious metals, 12.8% for wooden products and building materials, 11.1% for food, 10.2% for cultural and educational products, and 9.6% for clothing.

Meanwhile, turnover from accommodation and catering services stood at VND494.7 trillion (US$22 billion), 12.6% of the total revenue and up 12% year on year. 

VNA

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