Retail sales post significant increase in 9 months

The latest updates revealed that the total retail sale jumped by 10.5% over the same period last year, and 9.2% if inflation was excluded, with a value touching more than VND2.9 quadrillion (US$129.6 billion).

In comparison, the increases were 8.9% in the eight-month and 8.7% n the seven-month periods, and 8.4% in the first half of this year.

The increase in the retail sale of the service sector contributed significantly to the country’s gross domestic product (GDP) growth in the first nine months of this year, even higher than the contribution of the finance-banking and insurance sector and real estate business, according to GSO.

In the service sector, accommodation and catering services increased by 12% to touch VND362.5 trillion, largely thanks to the improving tourism revenue.

The retail sales of the goods totalled VND2.18 quadrillion, up by 10.5%, in which, food and foodstuff was up by 9.8%, household appliances sales went up 11.3%, garment sales went up 14.9%, and the transport means went up 24.9%.

According to Nguyen Bich Lam, GSO’s General Director, the considerable increase in the retail sale of the service sector demonstrated the transition of Vietnam’s economic structure.

The country’s GDP grew 6.41% from January to September.