Retail sales rise on strong consumer demand
Total revenue from retail trade and services in the first nine months of this year reached VND3.6 quadrillion (US$156.5 billion), 11.6 per cent over the same period last year.
Total revenue from retail trade and services in the first nine months of this year reached VND3.6 quadrillion (US$156.5 billion), 11.6 per cent over the same period last year.
If the price factor was excluded, the total revenue rose by 9.2 per cent year on year, higher than the rate of 9.1 per cent recorded in the first nine months of 2018, according to the General Statistics Office (GSO).
According to GSO experts, high demand due to improved living standards had spurred consumption. An abundant supply of goods and guaranteed quality had also increased sales volume.
Thanks to increased purchasing power, the wholesale and retail sector together with the services sector contributed significantly to GDP growth of 6.98 per cent in the first nine months of 2019, the highest level recorded since 2011.
According to the GSO, total revenue from retail trade and services in September was estimated at VND420.3 trillion, up 1.7 per cent month on month, and up 12.7 per cent year on year.
For the third quarter of 2019, total revenue reached VND1.2 quadrillion, up 3.5 per cent compared to the previous quarter, and up 12.2 per cent year on year.
Retail sales reached VND2.8 quadrillion, accounting for 76 per cent of the total revenue and up 12.6 per cent over the same period last year.
Many industries enjoyed growth including cultural goods and education (17.4 per cent); food and foodstuffs (15.4 per cent); household appliances, tools, and equipment (13 per cent); garments (12 per cent); and transportation (10.2 per cent).
Some localities increased the retail sales of goods such as: Quang Ninh (19.7 per cent); Binh Duong (17.6 per cent); Thanh Hoa (15.1 per cent); Hai Phong (14.9 per cent); Da Nang (13.9 per cent); Nghe An (13.8 per cent); and Ha Noi (12.7 per cent).
Revenue from accommodation and catering services was estimated at VND434.7 trillion, accounting for 12 per cent of the total and up 9.6 per cent over the same period last year.
Revenue increased by 19.5 per cent in Binh Dinh; 16.2 per cent in Quang Binh; 15.9 per cent in Hai Phong; 15.3 per cent in Can Tho; 11.9 per cent in Vinh Long; and 11.3 per cent in Ha Noi.
Estimated revenue from the tourism sector was VND33.5 trillion, up 12 per cent over the same period last year. — VNS
