Vietnam’s retail sales reach US$120.36 billion in seven months

11:02 | 13/08/2019 Society

Total retail sales of goods and services in Vietnam in the first seven months of the year rose 11.6% from the same period in 2018 to reach VND2.8 quadrillion (US$120.36 billion).

Vietnam's total retail sales of goods and services in the January-July period reach roughly US$120.36 billion

The growth rate was lower than the rate recorded in 2018 but higher than those of the previous three years, according to the General Statistics Office. From 2015 to 2017, retail sales growth was between 10% and 10.8% per year.

If the price factor was excluded, purchasing power in the first seven months increased by 8.74% – higher than the 8.72% recorded in the same period of last year.

In July alone, retail sales of goods and services was VND415.1 trillion (US$17.93 billion), up 1.7% from the previous month and up 12.4% year on year.

Of the figure, retail sales of goods accounted for 75% and increased by 13.4% year on year.

Retail sales of goods for the full seven-month period were up 12.5% year on year to VND2.13 quadrillion, accounting for 76% of the total.

Among all sectors, purchases of educational and cultural products grew by 14.2% year on year, followed by food and beverage (12.8%), transportation (12.2%), home appliances (11.4%) and textiles and apparel (10.7%).

The localities with the highest purchasing power growth rates included Quang Ninh (18.9%), Binh Duong (17.2%), Thanh Hoa (14.9%), Hai Phong (14.7%), Bac Ninh (14.1%), Ho Chi Minh City (13.9%), Binh Dinh (13.6%) and Hanoi (13.5%).

Also in the first seven months of 2019, sales of accommodation and catering services rose 10% year on year to VND337.5 trillion, accounting for 12% of the total.

Travel sales in the period achieved an estimate of VND25.8 trillion, representing 0.9% of the total and climbing by 12.5% from a year ago.

Sales of other services in the period were estimated at VND307.3 trillion, 11% of the total and representing an expansion of 6.7% compared to the same period in 2018.