In the past seven months, retail sale and service turnover reached nearly VND530 trillion, up 30 percent from last year.

Trading activities went up by 30 percent to VND434 trillion while services rose by 30 percent, earning VND26 trillion, according to the GSO. Hotels and restaurants contributed nearly VND60 trillion, a rise of 25 percent.

The Ministry of Industry and Trade’s Market Regulating Team said the recent 30 percent hike in petroleum price will directly and indirectly affect many economic sectors, especially the transport sector.

The team predicts that consumer prices will increase by 1.8-2 percent in August and continue impacting household budgets.

The consumer price index rose 1.13 percent in July over June, the lowest level so far this year.