National retail sales surge 8.6% in first quarter
Vietnam’s total revenue from retail trade and services rose 10% year-on-year to exceed VND1 quadrillion (US$44.05 billion) in the first quarter of 2018, reported the General Statistics Office (GSO).
If inflation were excluded, the increase would be 8.6%, much higher than 6.4 percent growth recorded in the same period last year, GSO said.
The growth also reflected high purchasing power, which contributed significantly to gross domestic product (GDP) growth of 7.38%– a record in the first quarter in the past 10 years, GSO said.
GSO General Director Nguyen Bich Lam said the strong consumption also signaled that the economy is on track for stable development.
In the first three months, retail sales of goods, which accounted for more than 75% of total retail trade and services revenue, topped US$35.22 billion, up 10.5% year-on-year.
Sectors posting a positive revenue increase included food and foodstuff (up 12%), textiles and garments (13%), home appliances (up 11%) and transport services (up 8.4%).
Meanwhile, retail sales in accommodation, restaurant and catering services surged by 9% year-on-year to VND128.9 trillion (US$5.72 billion).
Some localities that posted positive accommodation, restaurant and catering sales in the period were the three central provinces of Khanh Hoa, Binh Thuan and Thanh Hoa with respective rises of 14%, 13% and 11%, the capital city (10%) and HCM City (9.5%).
From January to March, revenue from tourism services saw significant yearly growth of 30% to VND10.2 trillion (US$454 million ), with some provinces and cities recording strong growth, such as HCM City (32%), Binh Dinh (29%), Kien Giang (28%), Hai Phong (23%) beside to Hanoi (15%), Thanh Hoa (9%) and Khanh Hoa (6%).
The sales of other services in the first quarter exceeded VND116.3 trillion (US$5.16 billion), up 5% compared to a year ago with modest increases from 1% to 5% recorded in several localities including Nghe An, Can Tho, Hai Duong, HCM City and Hanoi.
The growth also reflected high purchasing power, which contributed significantly to gross domestic product (GDP) growth of 7.38%– a record in the first quarter in the past 10 years, GSO said.
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| Customers shop for fruits and vegetables at Chu Van An Co.opmart in HCM City. |
In the first three months, retail sales of goods, which accounted for more than 75% of total retail trade and services revenue, topped US$35.22 billion, up 10.5% year-on-year.
Sectors posting a positive revenue increase included food and foodstuff (up 12%), textiles and garments (13%), home appliances (up 11%) and transport services (up 8.4%).
Meanwhile, retail sales in accommodation, restaurant and catering services surged by 9% year-on-year to VND128.9 trillion (US$5.72 billion).
Some localities that posted positive accommodation, restaurant and catering sales in the period were the three central provinces of Khanh Hoa, Binh Thuan and Thanh Hoa with respective rises of 14%, 13% and 11%, the capital city (10%) and HCM City (9.5%).
From January to March, revenue from tourism services saw significant yearly growth of 30% to VND10.2 trillion (US$454 million ), with some provinces and cities recording strong growth, such as HCM City (32%), Binh Dinh (29%), Kien Giang (28%), Hai Phong (23%) beside to Hanoi (15%), Thanh Hoa (9%) and Khanh Hoa (6%).
The sales of other services in the first quarter exceeded VND116.3 trillion (US$5.16 billion), up 5% compared to a year ago with modest increases from 1% to 5% recorded in several localities including Nghe An, Can Tho, Hai Duong, HCM City and Hanoi.
