Affordable goods with fine packaging for upcoming Lunar New Year (Photo: VNA)

Of this total, revenue from retail sales of goods were estimated at 4.92 quadrillion VND, an 8.3% increase compared to the previous year. Key categories saw notable growth, with food and foodstuffs up 10.8%, household appliances and tools rising 3.6%, garments increasing by 8.4%, vehicles (excluding cars) up 5.4%, and cultural and educational products growing by 9.1%.

GSO General Director Nguyen Thi Huong highlighted that efforts to promote domestic market development and stimulate consumption during the last months of 2024 contributed significantly to the growth of the trade and service sector. As a result, total retail sales of goods and consumer services in the fourth quarter of 2024 increased by 9.3% compared to the same period last year.

In December alone, retail sales were estimated at 570.7 trillion VND, up 1.9% from the previous month and surging 9.3% year-on-year.

Dinh Thi Thuy Phuong, Director of the Department of Trade and Service Statistics under the GSO, attributed these results to the Government's strong directions to ministries, agencies, and localities. Efforts to boost production, stimulate consumption, and develop the domestic market helped address challenges in manufacturing and business activities.

She noted that the reduction in VAT for essential goods and the adjustment to increase the basic salary from July 1 contributed to the growth in total retail sales of goods and consumer services in 2024.

The import of consumer goods in 2024 also rose by 20.6% compared to the previous year, reflecting a recovery in domestic consumption demand, Phuong added.

Several localities recorded notable increases in retail sales of goods, including Quang Ninh (9.7%), Hai Phong (9.6%), Can Tho (7.8%), Da Nang (7.2%), Hanoi (6.6%), and Ho Chi Minh City (5.2%).

Revenue from accommodation and catering services totalled 733.9 trillion VND, up 12.9% year-on-year, while tourism and travel services generated 62.5 trillion VND, a 16% increase compared to 2023.

The GSO also reported a significant rise in the number of visitors to Vietnam in 2024. Nearly 17.6 million foreign arrivals were recorded, a 39.5% increase from 2023 and equal to 97.6% of the pre-pandemic level in 2019. This surge positively impacted domestic service sectors, particularly accommodation, food and beverage services, transport, retail, and travel.

In December alone, Vietnam welcomed 1.75 million international visitors, up 27.4% compared to the same period last year. Meanwhile, 363,100 Vietnamese citizens travelled abroad, a 3.1% increase year-on-year.