HCM City’s economy saw a variety of bright spots in the opening month of 2021 despite the ongoing complex developments of the COVID-19 pandemic.

Total retail sales of goods and revenue from consumer services in January are estimated at VND479.9 trillion (nearly US$20.77 billion), up 3.7% month-on-month and 6.4% year-on-year, according to the General Statistics Office (GSO).

Deeper integration into the global value chain while developing an increasingly independent and self-controlled economy are both a requirement and a solution to help Vietnam overcome the challenges to realise its goal of rapid and sustainable development, according to Party Central Committee and Minister of Industry and Trade Tran Tuan Anh.

Hanoi will carry out an array of industry and trade development measures with a view to building the capital city into an international trade hub in the region and the country, as well as concretising the resolution adopted at the municipal Party Organisation's 17th congress.

A leader of Ho Chi Minh City has pledged to support the expansion of the Japanese global apparel retailer Uniqlo in the southern largest economic hub.

As many as 40,000 mom-and-pop stores nationwide have been digitalised thanks to the VinShop mobile app developed by Vietnam’s biggest conglomerate Vingroup.

Vietnam’s total revenue from retail trade and services reached over VND5 quadrillion (US$219.5 billion) in 2020, representing a modest yearly rise of 2.6%, according to the General Statistics Office (GSO).

The COVID-19 pandemic caused retail revenue to drop sharply in 2020, impacting the domestic retail property market, according to Savills Vietnam.

Ho Chi Minh City’s gross regional domestic product (GRDP) hit VND1.37 quadrillion (US$59.4 billion at current exchange rate) in 2020, a year-on-year increase of 1.39%.

Retailers in HCM City are focusing on stimulating demand for the Lunar New Year (Tet) holiday in February and ensuring that supply is adequate and food safety standards are met.