The average CPI growth for the first three months was minus 0.03 per cent. — VNA/VNS Photo Vu Sinh

HA NOI (Biz Hub) — The total retail sales and service revenue earned in the first quarter this year was VND790.8 trillion (US$37.13 billion), according to data from the General Statistics Office (GSO).

The figure represents a 10 per cent year-on-year rise, GSO said, adding that the increase would be 9.2 per cent if inflation was excluded.

The increase, however, is lower than the 10.7 per cent for the first two months, but it is fairly high compared to the 5-6 per cent growth in the final months of last year.

GSO statistician Vu Manh Ha attributed the high growth at the start of the year to the sliding consumer price index (CPI).

The average CPI growth for the first three months was minus 0.03 per cent.

The CPI saw four consecutive months of reduction with minus growth from November last year to February this year. It rose again by 0.15 per cent this month.

Retail sales accounted for three fourths of total revenue, reaching VND604.5 trillion ($28.38 billion) in the first quarter this year, a rise of 10 per cent compared to the same period last year, said Ha.

Meanwhile, the hotel - restaurant sector's total revenue increased by only 8.8 per cent, lower than the average. The total revenue for tourism was down by 22.8 per cent.

The gap between the increase in total revenue when inflation was included and excluded was narrowed.

The gaps between the increase in total revenue when inflation is included and excluded in the first two months were 11.4 per cent and 10.7 per cent, while that of the first three months were 10 per cent and 9.2 per cent.

The gap was often double or nearly double that of last year. The gaps between the increase in total revenue when inflation is included and excluded in 2014 were 10.6 per cent and 5.5 per cent and that for the first six months of last year were 10.7 per cent and 5.7 per cent. — VNS