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.
According to the General Statistics Office (GSO), local purchasing power had strongly rebounded in the past 10 months of 2022. This positive recovery is expected to drive retail market growth in the last quarter of the year.
Domestic purchasing power has rebounded after a strong decline caused by the COVID-19 pandemic. That rebound has facilitated businesses to step up production and seize new opportunities, experts have said.
Purchasing power has rising during the first 10 months of the year and total revenue for goods and services hit VND4 quadrillion (US$172.5 billion), an 11.8 per cent increase compared to the same period last year.
Purchasing power during Tet (Lunar New Year) increased by 10-12 per cent from last year and 15-20 per cent in comparison with previous months, according to the Ministry of Industry and Trade (MoIT).
The purchasing power in the total national retail value of goods and services until April 2018 reached nearly VND1.40 trillion ($61.4 million), the General Statistics Office (GSO) reported.
The purchasing power in the total national retail value of goods and
services until April 2016 reached nearly VND1.14 trillion, the General
Statistics Office (GSO) reported.
The country''s total retail sales and services revenue reached US$110
billion, rising 9.8 per cent over the same period last year, or 9.1 per
cent, if inflation is excluded.
Retail sales and service revenue in the first five months of the year
totalled VND1,305 trillion (US$60.67 billion), according to the General
Statistics Office (GSO).