Retail sector posts 12% profit rise
The country's total retail sales and service revenue in the first 11 months of this year reached VND2,386 trillion (US$113 billion), the General Statistics Office (GSO) reported.
The figure represented a 12.6% year-on-year rise, the highest level so far this year, the GSO said, adding that the increase will be 5.5% if price hikes are excluded.
Le Thi Minh Thuy, head of the GSO's Trade Department, said the consumer price index in November grew 0.34%, the lowest level in the past five years, sparking an increase in retail sales and service revenue.
Thuy said that purchasing power has risen, contributing to revenue growth.
She added that the increase is only one-third of the level recorded during the same period in 2010 due to low incomes and tighten spending.
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People are only buying essential goods, and spending is limited on hotel and restaurant services.
The trade sector, which accounted for 76.8% of the total, rose 12.2% over the same period last year, while hotel and restaurant services were up 15.3%.
The service sector posted a 13.4% year-on-year increase, followed by the tourism industry with a 1.8% jump.
The individual economic sector accounted for half of the total retail sales and services, reaching VND1,201 trillion (US$57 billion).
It was followed by the private sector with VND824.6 trillion (US$39 billion), accounting for 35.3%.
Several items posted sharp decreases, including gold, motorbikes and electrical products.