The total retail sale value of goods and services from January to September posted the highest year-on-year increase in 2017, according to the General Statistics Office (GSO).

The latest updates revealed that the total retail sale jumped by 10.5 per cent over the same period last year, and 9.2 per cent if inflation was excluded, with a value touching more than VND2.9 quadrillion (US$129.6 billion).

In comparison, the increases were 8.9 per cent in the eight-month and 8.7 per cent in the seven-month periods, and 8.4 per cent in the first half of this year.

The increase in the retail sale of the service sector contributed significantly to the country’s gross domestic product (GDP) growth in the first nine months of this year, even higher than the contribution of the finance-banking and insurance sector and real estate business, according to GSO.

In the service sector, accommodation and catering services increased by 12 per cent to touch VND362.5 trillion, largely thanks to the improving tourism revenue.

The retail sales of the goods totalled VND2.18 quadrillion, up by 10.5 per cent, in which, food and foodstuff was up by 9.8 per cent, household appliances sales went up 11.3 per cent, garment sales went up 14.9 per cent, and the transport means went up 24.9 per cent.

According to Nguyen Bich Lam, GSO’s General Director, the considerable increase in the retail sale of the service sector demonstrated the transition of Viet Nam’s economic structure.

The country’s GDP grew 6.41 per cent from January to September. — VNS