Eight-month revenue from retail, services up 19.3%
Total revenue from goods retail and services in the January-August period increased by 19.3% year on year to over VND3.679 quadrillion (US$156.8 billion), which is a high growth rate for the period in many years, according to the General Statistics Office (GSO).
Of the figure, goods retail revenue was estimated at VND2.925 quadrillion, a rise of 15.4% from the same period last year.
Retail revenue of cultural, education products surged 26.7%, garment 14.4%, food and foodstuff 12% and home appliances and tools 7.6%.
Localities recording high growth in goods retail revenue included Khanh Hoa (27.8%), Ho Chi Minh City (18.2%), Binh Duong (16.6%), Hai Phong (12.8%), Quang Ninh (12.2%), and Hanoi (10.7%).
Meanwhile, revenue from accommodation and eating out services in the period picked up 48.1% year on year to VND377.8 trillion thanks to rocketing demand for entertainment and tourism in summer after more than two years of travel and going-out restrictions prompted by the COVID-19 pandemic.
Can Tho posted a 95.5% rise in this type of revenue, Da Nang 84%, HCM City 76.3%, Quang Ninh 72%, and Hanoi 65.2%.
The 8-month travelling and tourism revenue was estimated at VND15.4 trillion, up 3.4 times from the same period last year, but equal to only 47.7% of the same period in 2019.
Revenue from other services came to VND361 trillion, up 24.2% year on year.
To stimulate consumption, the GSO suggested the Ministry of Industry and Trade closely monitor developments in the domestic and world economy and proactively propose suitable response measures. The ministry should also coordinate with relevant ministries and agencies to guide enterprises in better optimizing signed free trade agreements, including the RCEP.
