Viet Nam’s total revenue from retail sales and services in the first nine months of this year is estimated at nearly VND3.24 quadrillion (US$138.64 billion), up 11.3 per cent year-on-year, according the General Statistics Office (GSO).

The high growth rate has been maintained from July this year, marking an increase of 12.5 per cent in the third quarter compared with the same period last year, according to Vu Manh Ha, an expert from the GSO.

Ha said the increase came from many factors that accelerated consumption such as the new school year with demand for stationery and the mid-Autumn festival raising demand for moon cake and special fruits.

Meanwhile, the market also witnessed petrol prices rising twice during the period and the increase of school and healthcare service fees according to previously-set plans, in addition to price hikes of pork and vegetables due to severe weather conditions.

During the January-September period, retail sales led with earnings of VND2.43 quadrillion, occupying more than three-fourths of total revenue, 12 per cent higher than the same period last year.

Travel revenue reached VND30.3 trillion, accounting for 0.9 per cent of the total and up 16.9 per cent. Meanwhile, the transport sector carried 3.4 billion passengers and 1.21 billion tonnes of goods, up 10.5 per cent and 9.9 per cent, respectively.

Ha said a number of provinces had consumption power of between 11.7 to 13 per cent including HCM City, Ha Noi, the northern provinces of Thai Nguyen, Bac Giang, the central provinces of Binh Dinh, Lam Dong, Thanh Hoa and Quang Binh. — VNS