Sales and service revenues rise on recent price hikes

Wednesday, Oct 02, 2013 07:15

Consumers shop at Big C Thang Long Supermarket in Ha Noi. The country's total retail sales and service revenues saw a 12.5 per cent year-on-year rise over the past nine months. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub)— The country's total retail sales and service revenues in the first nine months of this year reached VND1,932 trillion (US$92 billion), data from the General Statistics Office (GSO) showed.

The figure represents a 12.5 per cent year-on-year rise, GSO said, adding that the rise would be only 5.3 per cent if price hikes were excluded.

However, it was still higher than the 5.1 per cent rise of the first eight months this year, it noted.

Among the total, the trade sector, which accounts for 77 per cent of the total revenue, rose 11.9 per cent, while the hotel-restaurant service was up 15 per cent.

The foreign invested sector posted the highest growth rate with 35.43 per cent in the first nine months. The private sector was also up 16.7 per cent, while the State-owned sector posted a decline of 7.22 per cent.

GSO expert Vu Manh Ha said that the slight rise was mainly not due to rising consumption demand but because of price hikes for several goods and services in September.

The rise was mainly due to the 10.66 per cent increase in school tuition in 46 cities and provinces nationwide from September. A hike of power and gas prices also contributed to the increase of the retail revenues, Ha said.

The Ministry of Industry and Trade also said that supply sources in the domestic market were profuse, however, local consumption rose insignificantly due to the slow economic rebound.

The ministry expected that retail revenue this year would increase roughly 13-14 per cent against last year. — VNS

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