14:50 | 05/09/2017 Economy- Society
Vietnam’s total revenue from retail sales and services reached VND2.58 quadrillion (US$114.7 billion) in the first eight months of this year, an annual increase of 10.3 percent, reported the General Statistics Office (GSO).
The figure amounted to an 8.9% increase, excluding the price factor, the highest rise recorded since the beginning of this year, said GSO domestic trade expert Vu Manh Ha, adding that the figure was also higher than the 8.5% growth seen in the same period last year.
Ha attributed the growth in purchasing power to surges in the demand for accommodation and catering services after high school graduation and university examinations, as well as in essential goods for the new school year which starts in September.
Recovery in revenue from accommodation and catering services in four central provinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue - following last year’s environmental disaster caused by Formosa, also contributed to the retail sales increase, he said.
From January to August, revenue from retail sales reached VND1.93 quadrillion (US$86.1 billion), accounting for three quarters of the total revenue, a yearly rise of 10.3%. Sectors posting significant growth included textile and garments, up 14%; equipment and home appliances, up 11.6%; food and foodstuffs, up 10.6%; and transportation, up 7.6%.
Revenue from accommodation and catering services stood at VND318 trillion (US$14.1 billion), an increase of 11.3% against the figure recorded in the same period last year.
Meanwhile, the tourism sector experienced a revenue increase of 11 percent in the first eight months of the year, up to VND23.1 trillion (US$1.26 billion), with several localities witnessing significant growth, such as the northern province of Bac Giang with 25.1%; the central province of Khanh Hoa (23%); HCM City (12.2%) and the southern province of Ba Ria – Vung Tau (12%).
The Association of Vietnam Retailers has forecast that the country’s retail turnover will rise to US$179 billion by 2020.