Retail sales of goods and services rise 14 per cent in Q1

Tuesday, Apr 04, 2023 14:29

People shop for fruits at Co.opmart Ha Dong Supermarket in Ha Noi. — VNA/VNS Photo Tran Viet

The nation's total retail sales of goods and services saw a year-on-year increase of 14 per cent to over VND1.5 quadrillion (US$64.1 billion) in the first quarter of 2023, the General Statistics Office (GSO) reported.

Excluding the price factor, the retail sales and service revenue in the three months went up 10.3 per cent, while that in the same period last year rose 2 per cent, according to the GSO.

Compared to Q1 of 2019, before the COVID-19 pandemic broke out, the amount in this year’s first three months increased 26.7 per cent, the GSO noted.

Retail sales were estimated at nearly VND1.19 quadrillion in the period, up 11.4 per cent (8.4 per cent if the price factor was excluded).

Sales of grain food and foodstuff grew 14.6 per cent, apparel (12.3 per cent); vehicles (4.5 per cent), and household items and equipment (4 per cent). Cultural and educational goods saw a decline of 2.7 per cent.

Among provinces and cities that witnessed a retail sales increase in the first quarter were Da Nang with 17.6 per cent; Hai Phong (14 per cent); Quang Ninh (12.5 per cent); Ha Noi (12 per cent), Binh Duong (11 per cent), Long An and HCM City (9 per cent).

Meanwhile, accommodation and food services generated about VND161.1 trillion in Q1, up 28.4 per cent from a year earlier. Notably, tourism revenue surged 2.2-fold from a year earlier to around VND6.8 trillion, partly thanks to many New Year cultural and tourism activities which were not held in the same period last year due to COVID-19, according to the GSO.

GSO General Director Nguyen Thi Huong attributed such positive results partly to the reopening to international tourists on March 15, 2022, overseas tourism promotion activities, and domestic consumption stimulation.

The country welcomed over 2.69 million international visitors from January to March, 29.7 times higher than the last year's corresponding period.

Measures have been taken to effectively exploit the domestic market with a population of nearly 100 million to fulfil the goal of an increase of 8-9 per cent in retail sales of goods and services, according to the Ministry of Industry and Trade (MoIT).

Since the beginning of this year, the ministry has strived to enhance connectivity and ensure a balance between the supply and demand of essential goods, contributing to keeping inflation under 4.5 per cent.

The MoIT said it would continue to accelerate the amendment and completion of several legal documents on domestic market development.

It would also speed up the implementation of a strategy for developing domestic trade until 2030, with a vision to 2045, as well as related programmes such as a project on developing the domestic market in association with the campaign "Vietnamese people prioritise Vietnamese goods" in the 2021-25 period.

Domestic trade promotion activities would be integrated with consumer stimulus programmes.

Priority would be given to developing modern commercial and digital platforms, and e-commerce and non-cash payment methods would be encouraged.

The MoIT would focus on applying digital technology to trace goods' origin in commercial infrastructure systems such as supermarkets and markets, as well as developing new retail methods to meet the requirements of consumers.— VNS

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