Retail sales losing momentum
The total revenue from retail trade and services hit US$89.6 billion during the first seven months of this year, up 9.4% year-on-year, according to the General Statistics Office (GSO).
Excluding inflation, the increase would be 7.4%, lower than the 8.3% seen in the same period last year, GSO said.
The retail sales growth (inflation excluded) during the reviewed period was also lower than was recorded in January at 11%; the first quarter at 7.9%; the first four months at 8.3% and the first five months at 7.8%, GSO noted.
GSO statistician Vu Manh Ha blamed the period’s unsatisfactory growth for the sluggish retail sales of accommodation, catering, tourism and entertainment services, which reached US$11 billion or a yearly growth of only 7.5%.
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Specifically, the remarkable revenue reductions were seen in some north central provinces due to influence of the mass fish deaths such as Nghe An and Ha Tinh with 17% and 26.2%, respectively.
In a brighter spot, retail sales of goods, which accounted for more than 76% of the total sales, reached US$68.23 billion from January to July, surging 9.7% against last year’s corresponding period.
Retail revenue in some sectors saw large increases. Food and foodstuffs saw an increase of 12.9%, household appliances rose 10%, garments and textiles up 12% and transport services increased 8.5%.
Previously, GSO Director Nguyen Bich Lam said that purchasing power this year would likely have a lower growth rate than last year because of the stability in prices, high supply and stable demand for most essential goods.Spending on some services, including accommodation, catering, tourism and entertainment, would not have as high a growth rate as it did previously, Lam said, because people were worried about food safety and environmental pollution affecting the quality of the food. They tended to eat mostly home-cooked meals now and control their spending on entertainment and tourism services to save money.
