The figure contributed to a year-on-year rise of 8.1 per cent in total retail sales of goods and revenue from consumer services in the first two months of this year to VNĐ1.03 quadrillion.
Even in a difficult economic context, it is expected that purchasing power during this year''s Lunar New Year could increase by over 10 per cent compared to the same period last year.
Compared to Q1 of 2019, before the COVID-19 pandemic broke out, the amount in this year’s first three months increased by 26.7 per cent, the GSO noted.
Measures have been taken to effectively exploit the domestic market with a population of nearly 100 million to fulfil the goal of an increase of 8-9 per cent in retail sales of goods and services.
The General Statistics Office (GSO) explained that the hike was attributed to the growing consumption demand as Tet (Lunar New Year), the biggest and longest festival in the Southeast Asian nation, fell in the month.
''Revenge'' consumption has driven up a boom in consumption in response to offset the hostile experience of being forced to ''stay-at-home'' during the pandemic.
Viet Nam’s retail sales of goods and services in July are estimated at VND486 trillion (US$20.8 billion), up 2.4 per cent month-on-month, and 42.6 per cent year-on-year, according to the General Statistics Office.
According to GSO, the total revenue from retail sales of goods and services surpassed VND2.25 quadrillion in the first five months of 2022, up 9.7 per cent year-on-year.
In the eight-month period, retail sales surpassed VND2.49 trillion, accounting for 82.1 per cent of the total retail sales of consumer goods and services, 1.4 per cent lower than last year’s corresponding period, the GSO said.
Total retail sales of goods and revenue from consumer services in January are estimated at VND479.9 trillion (nearly US$20.77 billion), up 3.7 per cent month-on-month and 6.4 per cent year-on-year.
Total retail sales of goods and services in January were estimated at VND448.1 trillion, up 3.6 per cent over the previous month and up 10.2 per cent year on year.