Retail and service sales are up ahead of the Lunar New Year. — Photo congthuong.vn

Retail and consumer service revenues were an estimated 8.1 per cent higher in January than the same month last year.

The General Statistics Office (GSO) reported retail sales and consumer service revenue reached an estimated VNĐ524.1 trillion (US$21.8 billion) last month, a sign of healthy economic activity in the lead-up to the Tết (Lunar New Year) festival.

The GSO indicated that demand for household goods, food, appliances, tools, and accommodation and travel services was high compared to the same time period in recent years.

Việt Nam also posted strong tourism figures last month, receiving more than 1.5 million international tourists, a year-on-year increase of 73.6 per cent from January 2023. Tourism revenue in January was estimated at VNĐ4.4 trillion, up 18.5 per cent from last January's revenue.

Meanwhile, passenger transport within Việt Nam grew by 5.5 per cent last month, while freight transport volume increased by 11.5 per cent.

Economic experts remarked that the Tết shopping season is a 'golden' time for businesses and retailers to reap the benefits of increased domestic consumption and sales.

Consumer activity during the Tết season tends to reflect consumption trends for the rest of the year, giving firms a chance to develop and fine-tune marketing strategies and business plans to enact following the holiday. — VNS