Vietnam’s revenue of retail sales and services in July was estimated at VND431.9 trillion (US$18.6 billion), up 3.3% over the previous month and up 4.3% from the same period last year, according to the General Statistics Office (GSO).

A Vinmart in Hanoi (Photo kinhtedothi.vn)

Trade and service activities in July continued to increase due to policies on stimulating domestic consumption and tourism, along with government support packages to help people reduce the burden of spending.

This was also the month during the summer vacation of students, so many families travelled in the country.

Revenue reached VND333.8 trillion from retail sales, up 2.6% month on month and up 7% year on year; VND48.2 trillion from accommodation and food services, up 9.2% month on month but down 4.4% year on year; and VND1.5 trillion from tourism, up 29.6% month on month but down 59.7% year on year.

In the first seven months of this year, total revenue of retail sales and services was VND2.8 quadrillion, down 0.4% over the same period last year.

If excluding the price factor, the total revenue decreased by 4.8% year on year while in the first seven months of last year, it gained an increase of 9% year on year.

Of which, the revenue of retail sales in the first seven months reached VND2.2 quadrillion, accounting for 79.2% of the total. It rose by 3.6% over the same period last year because July was a promotional month to stimulate domestic consumption, increase market shares and restore the domestic economy affected by the COVID-19 pandemic.

The revenue of accommodation and catering services in the first seven months was estimated to reach VND280.9 trillion, accounting for 10% of the total. It was down 16.6% over the same period last year.

Localities having strong reductions in revenue of accommodation and catering services included Khanh Hoa (59.1%), Ba Ria-Vung Tau (46.5%), HCM City (45.1%), Can Tho (27.5%), Da Nang (24.5%), Thanh Hoa (21.5%) and Hanoi (18.9%).

The tourism revenue in the seven months was estimated at VND11.1 trillion, down 55.4% over the same period last year.

Some localities had a sharp decrease in tourism revenue included Khanh Hoa (76.4%), HCM City (74.9%), Ba Ria - Vung Tau (63.3%), Da Nang (58.6%), Can Tho (57.1%), Quang Ninh (50.5%), Quang Binh (48.6%), Hanoi (38.6%), Thanh Hoa (38.5%), Binh Dinh (38%) and Hai Phong (23.7%).