Purchasing power soars by 8.5 percent

This is equivalent to a year-on-year increase of 9.8 percent. The increase is estimated at 8.5 percent if the price factor is excluded, higher than the growth of 7 percent in the first four months last year. The rise was similar to that during the Tet (Lunar New Year) holidays when the consumption demand was high.

GSO expert Vu Manh Ha attributed the surge in purchasing power in the first four months of this year to the high demand for accommodation, restaurant, services and travel in the summer season.

Of these, the revenue from retail goods, which accounts for more than 75 percent of the total revenue, hit 46.4 million USD, up 10.8 percent from the same period last year.

Food and foodstuff retail revenue increased by 12 percent, garment retail revenue by 12.8 percent, home appliances by 10.8 percent, culture and education products by 9 percent and transportation services by 8.2 percent.

Localities with high growth in retail revenue include HCM City (12.8 percent), Hai Phong (12.6 percent), Da Nang (12 percent), Binh Dinh (11 percent), Nam Dinh (10.9 percent) and Hanoi (10.4 percent).

The revenue from accommodation and restaurant services, which accounts for 12.3 percent of the total revenue, increased by 9.4 percent to 7.5 billion USD in the first four months.

The revenue from the tourism sector, which accounts for only 1 percent of the total revenue, reached a growth of 26.1 percent to 565.78 million USD in the first four months.

Tourism in Ho Chi Minh City recorded the highest increase in revenue (30.4 percent), followed by Binh Dinh (28.9 percent), Hai Phong (23.4 percent) and Hanoi (18.8 percent).