Domestic consumption, tourism fuel Vietnam’s economic growth in seven months
Robust domestic consumption and a thriving tourism sector continued to underpin Vietnam’s economic growth in the last seven months, as retail sales, consumer services and international visitor arrivals posted strong growth, providing a solid foundation for further expansion in the months ahead.
According to the National Statistics Office (NSO) under the Ministry of Finance, total retail sales of goods and consumer service revenue in July were estimated at VND669.1 trillion (over US$25.45 billion), up 0.9% from June and 14.5% year-on-year.
For the January–July period, the figure reached an estimated VND4.55 quadrillion, up 13.1% from the same period last year.
Retail sales of goods accounted for the largest share, at VND3.44 quadrillion, or 75.5% of the total, up 12.7% year-on-year.
Sales of fuels excluding petrol and diesel posted the highest growth at 24.9%, followed by timber and construction materials (22.8%), vehicle repair services (13.6%), food and foodstuffs (12.7%), and garments (12.4%).
Revenue from jewellery and precious metals edged down 1.6% in July from the previous month amid weakened domestic market sentiment. However, the category still recorded robust growth of 28.2% over the last seven months compared with the same period in 2025.
Retail sales increased strongly across major localities, led by Da Nang (14.2%), Quang Ninh (14%), Hanoi and Can Tho (12.9% each), Dong Nai city (12.8%), Hai Phong (12.6%), and Ho Chi Minh City (12.1%).
Consumer services also maintained strong growth, with tourism-related activities benefiting from summer travel demand and tourism stimulus programmes.
Revenue from accommodation and food services reached VND580.6 trillion during the seven months, accounting for 12.7% of the total and rising 15.9% year-on-year. In July alone, the sector expanded 19%.
Top-performing localities included Quang Ninh and Khanh Hoa (up 20.4% each), Da Nang (20%), Lam Dong (19.3%), Hue (19.2%), Thanh Hoa (16.8%), Hai Phong (15.8%), Hanoi (14.8%), and Ho Chi Minh City (14.4%).
Travel service revenue climbed 16.3% year-on-year to VND59.3 trillion in the January–July period, while July alone recorded a sharp 24.3% increase.
The NSO attributed the tourism sector’s performance to favourable visa policies, stronger tourism promotion, diversified tourism products, and Vietnam’s competitive advantages in natural landscapes, culture, cuisine and travel costs.
International tourism arrivals to Vietnam reached 13.9 million in the first seven months, up 13.8% year-on-year. In July, Vietnam welcomed an estimated 1.67 million foreign visitors, down 0.7% from June but up 6.6% from the same month last year.
Nguyen Thu Oanh, director of the NSO's Price and Services Statistics Department, said domestic consumption is expected to remain an important contributor to economic growth in 2026. To support the Government’s double-digit growth target, she recommended expanding digital-based promotional programmes, introducing flexible tax policies to support household businesses and enterprises, stabilising prices of fuel and essential goods, and further promoting Vietnamese products through the domestic retail network.
Retail sales, consumer services up nearly 13% in first half
Vietnam's retail and consumer service sector maintained strong momentum in the first half of 2026, with total retail sales of goods and consumer service revenue rising 12.9% year-on-year, reinforcing domestic consumption as one of the economy's key growth drivers.
