The purchasing power in the total national retail value of goods and services until April 2018 reached nearly VND1.40 trillion ($61.4 million), the General Statistics Office (GSO) reported.

This is equivalent to a year-on-year increase of 9.8 per cent.

The increase is estimated at 8.5 per cent if the price factor is excluded, higher than the growth of 7 per cent in the first four months last year. The rise was similar to that during the Tet (Lunar New Year) holidays when the consumption demand was high.

GSO expert Vu Manh Ha attributed the surge in purchasing power in the first four months of this year to the high demand for accommodation, restaurant, services and travel in the summer season.

Of these, the revenue from retail goods, which accounts for more than 75 per cent of the total revenue, hit $46.4 million, up 10.8 per cent from the same period last year.

Food and foodstuff retail revenue increased by 12 per cent, garment retail revenue by 12.8 per cent, home appliances by 10.8 per cent, culture and education products by 9 per cent and transportation services by 8.2 per cent.

Localities with high growth in retail revenue include HCM City (12.8 per cent), Hai Phong (12.6 per cent), Da Nang (12 per cent), Binh Dinh (11 per cent), Nam Dinh (10.9 per cent) and Ha Noi (10.4 per cent).

The revenue from accommodation and restaurant services, which accounts for 12.3 per cent of the total revenue, increased by 9.4 per cent to $7.5 billion in the first four months.

The revenue from the tourism sector, which accounts for only 1 per cent of the total revenue, reached a growth of 26.1 per cent to $565.78 million in the first four months.

Tourism in HCM City recorded the highest increase in revenue (30.4 per cent), followed by Binh Dinh (28.9 per cent), Hai Phong (23.4 per cent) and Ha Noi (18.8 per cent). — VNS