Consumer goods on shelves at a shopping mall in Long Bien District, Ha Noi. The total revenue from retail trade and services topped US$118.4 billion during the first nine months of this year. — VNS Photo Thai Ha

HA NOI (Biz Hub) — The total revenue from retail trade and services topped US$118.4 billion during the first nine months of this year, surging 9.5 per cent year-on-year, according to the General Statistics Office (GSO).

Excluding inflation, the increase would be 7 per cent, lower than the 9.2 per cent seen in the same period last year, GSO said.

GSO statisticians blamed the slow growth of retail trade in the period for the fact that local consumers have curbed their spending due to price fluctuations in the consumer market and other services such petroleum, health-care and school fees.

Retail sales of goods, which accounted for more than three fourths of the total sales, reached $90.2 billion from January to September, up 9.7 per cent against last year's corresponding period with several sectors recording a positive revenue increase including food and foodstuffs (up 13.2 per cent); home appliances (up 10.1 per cent) and textile and garments (up 9.5 per cent) and transport services (up 7.6 per cent).

Meanwhile, retail sales in accommodation, restaurant and catering services, which accounted for 10 per cent of the total, posted a revenue of $13.64 billion, a yearly rise of 8.3 per cent.

Some localities recording an encouraging retail revenue growth included Bac Giang, Lang Son and Ha Noi while several others witnessed a sale reduction such as Hoa Binh, Ha Tinh, Phu Tho, Nghe An and Lai Chau.

The country's retail turnover was expected to rise to $179 billion by 2020, the Association of Viet Nam Retailers (AVR) has forecast.

According to AVR, the sector's huge potential has attracted a lot of local and foreign investors, especially in HCM City, the country's economic hub. — VNS