Customers shop at Saigon Co.op Mart. Viet Nam's retail sales of goods and services rose 9.5 per cent this year, the largest increase since 2011. — VNS Photo thesaigontimes.vn

HA NOI (Biz Hub) — Viet Nam's retail sales of goods and services rose 9.5 per cent this year, the largest increase since 2011, as low inflation and strong economic growth bolstered consumer confidence, data from the General Statistics Office (GSO) revealed.

Sales were estimated at VND3,242.9 trillion (US$148 billion), GSO said. Vu Manh Ha, domestic trade economist of the GSO, attributed the significant rise in 2015 to the country's 0.63-percent CPI year-on-year rise, the lowest increase in the past 14 years.

Ha said the low CPI increase meant stable prices for several essential products, adding that manufacturers and suppliers could sell their products without raising prices, which encouraged consumption.

Retail sales growth was also triggered by the increasing number of newly-opened supermarkets and convenience stores throughout the countries, enhancing competition among product suppliers, Ha said.

The government said on Saturday that Viet Nam's gross domestic product grew 7 per cent in the forth quarter and 6.7 per cent in 2015, the biggest expansion in five years.

According to GSO, retail sales of goods, which account for 76 per cent of the total sales, reached VND2,470 trillion ($112 billion), up 11 per cent from last year.

Revenue in some sectors saw a handsome increase. Food and foodstuffs saw an increase of 15 per cent, household appliances rose 15 per cent, garments and textiles up 13 per cent and transport services are estimated to increase 10 per cent.

Retail sales of accommodation, restaurant and catering services reached VND372.2 trillion ($17 billion), accounting for 12 per cent of the total revenue, posting a 5.2 per cent year-on-year increase.

Of this figure, retail sales in the central Thanh Hoa province went up 10 per cent. It was followed by HCM city at 6.9 per cent, northern Lang Son province at 5.4 per cent, Ha Noi at 4.1 per cent, and central Quang Binh province at 3.8 per cent. — VNS