Domestic market remains stable in May

The domestic market remained stable in May with total revenue from goods retail sales and services exceeding VND354 trillion (US$15.6 billion), up 1.5% against the previous month and 10.4% year-on-year.

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The amount lifted the total revenue from goods retail sales and services in the first five months of this year to nearly VND1.75 quadrillion (US$77.2 billion), an increase of more than 10% over the corresponding period last year, according to the Ministry of Industry and Trade (MoIT)’s Domestic Market Department.

The value was mainly contributed by essential goods like food and foodstuff, garments-textiles and household utensils. Of note, revenue from tourism services expanded by 23% thanks to effects of the beginning of the tourism season and Vietnam’s efforts to develop the tourism sector. 

Despite rosy signs of the market in the five months, huge inflation pressure is forecast to persist in the time ahead, mainly due to increasing trends of prices of petroleum and other major materials, plus results of the market price roadmap for several public services like health care and education. 

Besides, the adjustment of the basic salary from July 1 is expected to impact on prices of goods and domestic consumption. 

Given this, the MoIT has underlined the need to keep a close watch on the market in the remaining months of the year in order to ensure macro-economic stability.

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