The total retail sales of goods and services increased by 8.5% to nearly VND4.15 quadrillion (US$169.7 billion) in the January – August period thanks to improving consumption, production and tourism, according to the latest updates of the General Statistics Office (GSO).
Domestic consumption is likely to lose steam as consumers face uncertainties, along with changes to shopping trends. Meanwhile, businesses have reported it's increasingly difficult to maintain purchasing power and reduce inventory buildup, said industry insiders and economists.
Although inflation has been controlled in accordance with the set target, state management agencies and enterprises have stayed vigilant and prepare price stabilisation measures in the remaining months of the year.
The capital city of Hanoi experienced a robust economic upswing in January-May, with positive growth across trade, services and tourism sectors.
Vietnam’s total retail sales of consumer goods and services during January-May increased 8.7% year-on-year to top VND2.58 quadrillion (US$101.3 billion), according to the General Statistics Office (GSO).
Hanoi’s total retail sales of goods and consumer services revenue reached VND266.2 trillion (US$10.46 billion) in the first four months of this year, up 9% year-on-year, according to the municipal People’s Committee.
Retail sales and services revenue in the first four months of this year totaled 2.06 quadrillion VND (81.06 billion VND), up 8.5% year-on-year, the General Statistics Office (GSO) said.
The total retail sales of goods and consumer service revenue in February increased by 8.5% over the same period last year to VND509.7 trillion (US$20.63 billion), according to the General Statistics Office (GSO).
Total retail sales of goods and revenue from consumer services in January were estimated at VND524.1 trillion (US$21.47 billion), up 8.1% year-on-year, as consumers have been on the mood to shop for the upcoming Tet (Lunar New Year) Festival, according to the General Statistics Office (GSO).
Purchasing power for the traditional Lunar New Year (Tet holiday) will increase 10% from the same time last year, according to the Ministry of Industry and Trade.