Total revenue from retail trade and services in Viet Nam reached an estimated VND402.2 trillion (US$17.26 billion) in January, up 4.4 per cent month-on-month and 12.2 per cent year-on-year, the latest report from the General Statistics Office (GSO) showed.

GSO statisticians attributed the first month’s positive increase to the rising purchasing demand of local people for the upcoming Tet holiday and efforts of enterprises in stockpiling goods to better serve the peak demand.

The retail value of goods totaled VND305.4 trillion, surging 5.2 per cent over last December and 13.1 per cent over the same month last year with significant sale increases seen in food and foodstuffs (13.1 per cent), and textile and garments (13.4 per cent), according to the report.

Among localities nationwide, the capital city posted the highest growth in retail sales of goods at 15.1 per cent. It was followed by the northern port city of Hai Phong at 14.5 per cent; northern Bac Ninh Province at 14 per cent; the central city of Da Nang at 13.1 per cent and HCM City at 13 per cent.

As per the data, retail sales of services topped VND43 trillion, representing a monthly rise of 1.8 per cent and a yearly increase of 7.4 per cent.

Meanwhile, revenue from restaurants, accommodation and catering services was also up 1.4 per cent month-on-month and 7.7 per cent year-on-year to VND49.5 trillion and that from tourism hit VND4.3 trillion, a hike of 8 per cent over last year’s corresponding month.

According to the Viet Nam Institute for Trade Research, the goods retail market is seeing a blooming trend of minimarts and convenience stores.

The institute forecast that convenience stores would see double-digit growth in the next three years and reach 37.4 per cent growth in 2021.

Under the domestic trade development strategy, total sales of goods and services would grow by 13 per cent each year through 2020 and by 14 per cent per year in the 2021-25 period.

The Ministry of Planning and Investment’s statistics showed the wholesale and retail sector ranked third in attracting foreign direct investment in 2018 with total registered capital of $3.37 billion, accounting for 10.3 per cent of the country’s FDI.

Last year, total retail sales of goods and services in Viet Nam reached nearly VND4.4 quadrillion, representing a rise of 11.7 per cent against the previous year. That reflected strong purchasing power in the domestic market, GSO said. — VNS