Domestic consumption gains momentum as retail sales rise over 11%
Vietnam’s domestic consumer market continued to show strong resilience in the first five months of 2026, with retail sales and consumer service revenue posting robust growth, reflecting improving consumer confidence and sustained momentum in tourism and services.
Total retail sales of goods and consumer service revenue reached an estimated VND3.18 quadrillion (US$120.7 billion) during the January–May period, up 11.2% year on year. Excluding price factors, growth stood at 6.1%, according to the National Statistics Office (NSO) under the Ministry of Finance.
In May alone, total retail sales and consumer service revenue were estimated at VND647.1 trillion, rising 11.8% compared to the same period last year.
Retail sales of goods remained the largest contributor to overall consumption, accounting for 75.9% of total revenue and increasing 11.1% year on year to VND2.418 quadrillion.
Among product categories, fuel recorded the strongest growth at 12.7%, followed by garments (10.2%), grain food and foodstuffs (9.6%), household appliances and equipment (7.5%), and cultural and educational products (5.6%).
The service sector also delivered encouraging results. Revenue from accommodation and food services reached an estimated VND400.4 trillion, up 13.3% from a year earlier, while tourism services generated VND40.6 trillion in revenue, marking a 12.2% increase.
Other services posted about VND325.9 trillion in five-month earnings, rising 9.1% from a year earlier.
The NSO attributed the strong performance to a combination of favourable visa policies, intensified tourism promotion campaigns, effective demand stimulation programmes and continuous improvements in service quality, which helped attract both domestic and international visitors.
Growth was recorded across major economic centres and key tourism destinations. Quang Ninh province led the country in retail sales growth with an increase of 12.9%, followed by Da Nang at 12.7%, Dong Nai at 11.4% and Can Tho at 11.2%. Hanoi and Ho Chi Minh City maintained steady growth rates of 11.1% and 10.9%, respectively.
In accommodation and food services, An Giang province posted the highest growth rate at 24.4%, while Ninh Binh, Da Nang, Hue and Quang Ninh all recorded increases of more than 18%.
In the travel sector, Khanh Hoa province emerged as the top performer with revenue surging 33.8% year on year. Other standouts include Quang Ninh with 25.4%, Quang Ngai 23.3%, Hue 18.7%, Hai Phong 15.6%, and Hanoi 12.5%
Nguyen Thu Oanh, director of the NSO’s Service and Price Statistics Department, said Vietnam’s retail and consumer market is expected to remain an important driver of economic growth throughout 2026. She noted that continued efforts to promote consumption through digital platforms, support domestic production, stabilise prices of essential goods and expand the presence of Vietnamese products in retail networks will help sustain market momentum.
She said the steady recovery of domestic demand, coupled with rising spending on services and tourism during summer, is expected to provide a significant boost to economic growth in the coming quarters.
Vietnam's retail sales, service revenue up 9.2% in 2025
The total retail sales of goods and consumer service revenue in 2025 exceeded VND7 quadrillion (US$262.7 billion), up 9.2% from 2024, reflecting stronger purchasing power, underscoring the continued role of domestic consumption as a major growth driver, said Nguyen Thi Huong, Director of the National Statistics Office.
