Vietnam’s total revenues for retail trade and services reached an estimated VND3.21 quadrillion (US$137.4 billion) in the first eight months of 2019, up 11.5 per cent year on year, the General Statistics Office (GSO) has announced.

A woman shops for fruits at a supermarket in HCM City. Retail sales of
goods this year were estimated at VND$2.44 quadrillion ($104.9 billion).
— VNA/VNS Photo My Phuong 

This positive growth proved the rising demand of local people, GSO statisticians have said, adding that if the price factor was excluded, purchasing power in the first seven months increased by 9.03 per cent, higher than the 8.9 per cent recorded in the same period of last year.

Retail sales of goods during the period were estimated at VND$2.44 quadrillion ($104.9 billion), surging 12.5 per cent year on year or accounting for 76 per cent of the total revenue.

Among all sectors, purchases of educational and cultural products grew by 14 per cent year on year, followed by food and foodstuff (13.6 per cent), home appliances (11 per cent) and textiles and apparel (10.5 per cent) and transportation (8.5 per cent).

The localities with the highest purchasing power growth rates included Quang Ninh (20 per cent); Binh Duong (18 per cent); Thanh Hoa (15 per cent); Hai Phong (14.7 per cent) beside to Nghe An and Binh Dinh (14 per cent) and Danang (13.5 per cent). Meanwhile, two economic hubs of HCM City and Hanoi lagged behind with respective growths of 13.3 per cent and 13 per cent.

According to GSO, revenue from accommodation and catering services rose 10 per cent year-on-year to nearly VND386 trillion ($16.56 billion), making up 12 per cent of the total revenue.

During the same period, travel service revenues totaled VND29.7 trillion (more than $1.27 billion), with Binh Dinh Province witnessing the largest increase at 19 per cent, followed by Thanh Hoa and Khanh Hoa at 15 per cent and 14.5 per cent respectively and HCM City at 13 per cent.

Revenues of other services were estimated at VND355 trillion ($15.27 billion), 7 per cent higher than the same period last year.

According to the Vietnam Institute for Trade Research, the goods retail market is seeing a increase at mini marts and convenience stores.

The institute forecast that convenience stores would see double-digit growth in the next three years and reach 37.4 per cent growth in 2021.

Under the domestic trade development strategy, total sales of goods and services would grow by 13 per cent each year through 2020 and by 14 per cent per year in the 2021-25 period.

The Foreign Investment Agency’s statistics showed the wholesale and retail sector ranked third in attracting foreign direct investment in January-August period with total registered capital of $1.2 billion, accounting for 5.2 per cent of the country’s total FDI.