Vietnam’s purchasing power continues to grow

Purchasing power has rising during the first 10 months of the year and total revenue for goods and services hit 4 quadrillion VND (172.5 billion USD), an 11.8 percent increase compared to the same period last year, according to the General Statistics Office (GSO).

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Total revenue for goods and services hit 4 quadrillion VND (172.5 billion USD) in the first 10 months of 2019, up 11.8 percent year on year

Retail, which accounts for 76 percent of total revenue, reached 3 quadrillion VND. Consumers reportedly spent more on education and entertainment (15.5 percent), food (13.8 percent), home appliances (12.2 percent), clothes (11.2 percent) and motor vehicles (6.5 percent). 

Localities that saw a sharp increase in purchasing power year-on-year included Quang Ninh (19.9 percent), Binh Duong (17.1 percent) and Thanh Hoa (15.2 percent).

During the first 10 months, hospitality revenue reached 485 trillion VND, an 11.9 percent increase compared to last year with Binh Dinh (19.9 percent), Quang Ninh (16.4 percent) and Quang Binh (15.8 percent) leading the list. Travel revenue increased by 11.9 percent and totalled 37.5 trillion VND.

Other goods and services reached 454.8 trillion VND, up 11.2 percent. 

Despite a slight increase in prices in October, demand remained stable thanks to an ample supply of goods and services. Trade and commercial activities have steadily increased month-on-month. Demand for goods and services is forecast to climb as the year-end holiday Tet is approaching.

VNA