Vietnam’s total retail sales of goods and services in the first five months of 2019 increased 11.6 percent year-on-year to 19.8 quadrillion (almost 85 billion USD), according to the General Statistics Office (GSO).

Shoppers buy fruit at a Co.op mart supermarket in HCM City. The nation's total
retail sale of goods saw a year-on-year increase of 12.7 per cent in the first five
months of this year. (Photo: VNA)

Excluding inflation, the growth was 8.6 percent in the January-May period, 0.1 percent higher than the same period last year.

During the first five months of this year, retail sales of goods accounted for 76.5 percent of the total to reach 15.1 quadrillion VND, 12.7 percent higher than the same period last year.

Of which, sales of food and foodstuff rose by 13.3 percent; household appliances, tools and equipment 12.8 percent; garment and textile 11.4 percent; and transport 11.2 percent.

Sales of accommodation and restaurant services had a year-on-year increase of 9.2 percent to 236 trillion VND. Those of tourism revenue gained 18.4 trillion VND, 12.4 percent higher than the same period last year.

GSO economic expert Vu Manh Ha said total retail sales in the five months saw relatively high growth thank to abundant goods supply, meeting production and consumption demand.

With the upward trend in total retail sales, the Ministry of Industry and Trade forecast total sales this year would grow by 10 percent.

With a growth rate of more than 10 percent a year, Vietnam’s retail market has great potential due to its young population and increasing income.

The GSO’s figures also revealed that the country’s retail market scale has rapidly increased in recent years from 88 billion USD in 2010 to 130 billion USD in 2017. It was expected to rise to 180 billion USD in 2020.

However, some big foreign retailers have struggled in Vietnam. Recently, French firm Auchan announced it would exit Vietnam after five years of operation.