Customers in a Big C store. Retail sales of products in the first seven months of 2019 rose 12.5 per cent year on year to VND2.13 quadrillion. — Photo thoibaotaichinhvietnam.vn
Total retail sales of goods and services in Viet Nam in the first seven months of the year rose 11.6 per cent from the same period in 2018 to reach VND2.85 quadrillion (US$122.5 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 (GSO). From 2015 to 2017, retail sales growth was between 10 per cent and 10.8 per cent per year.
If the price factor was excluded, purchasing power in the first seven months increased by 8.74 per cent – higher than the 8.72 per cent recorded in the same period of last year.
In July alone, retail sales of goods and services was VND415.1 trillion, up 1.7 per cent from the previous month and up 12.4 per cent year on year.
Of the figure, retail sales of goods accounted for 75 per cent and increased by 13.4 per cent year on year.
Retail sales of goods for the full seven-month period were up 12.5 per cent year on year to VND2.13 quadrillion, accounting for 76 per cent of the total.
Among all sectors, purchases of educational and cultural products grew by 14.2 per cent year on year, followed by food and beverage (12.8 per cent), transportation (12.2 per cent), home appliances (11.4 per cent) and textiles and apparel (10.7 per cent).
The localities with the highest purchasing power growth rates included Quang Ninh (18.9 per cent), Binh Duong (17.2 per cent), Thanh Hoa (14.9 per cent), Hai Phong (14.7 per cent), Bac Ninh (14.1 per cent), HCM City (13.9 per cent), Binh Dinh (13.6 per cent) and Ha Noi (13.5 per cent).
Also in the first seven months of 2019, sales of accommodation and catering services rose 10 per cent year on year to VND337.5 trillion accounting for 12 per cent of the total.
Travel sales in the period achieved an estimate of VND25.8 trillion, representing 0.9 per cent of the total and climbing by 12.5 per cent from the a year ago.
Sales of other services in the period were estimated at VND307.3 trillion, 11 per cent of the total and representing an expansion of 6.7 per cent compared to the same period in 2018.
According to GSO official Vu Manh Ha, the strong increase of purchasing power in the seven-month period was mainly because consumers bought more in July.
Hot weather increased purchases of air-conditioners and encouraged people to travel. In addition, July was the month before the month of ghosts in Vietnamese tradition, so suppliers lowered costs and introduced bigger promotions to attract consumers. — VNS