People shop at a supermarket in Ha Noi. Demand for goods and services is forecast to climb as the year-end holiday Tet is approaching. — VNA/VNS Photo

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, according to the General Statistics Office (GSO).

Retail, which accounts for 76 per cent of total revenue, reached VND3 quadrillion. Consumers reportedly spent more on education and entertainment (15.5 per cent), food (13.8 per cent), home appliances (12.2 per cent), clothes (11.2 per cent) and motor vehicles (6.5 per cent).

Localities that saw a sharp increase in purchasing power year-on-year included Quang Ninh (19.9 per cent), Binh Duong (17.1 per cent) and Thanh Hoa (15.2 per cent).

During the first 10 months, hospitality revenue reached VND485 trillion, an 11.9 per cent increase compared to last year with Binh Dinh (19.9 per cent), Quang Ninh (16.4 per cent) and Quang Binh (15.8 per cent) leading the list. Travel revenue increased by 11.9 per cent and totalled VND37.5 trillion.

Other goods and services reached VND454.8 trillion, up 11.2 per cent.

Despite a slight increase in prices in October, demand remained stable thanks to an ample supply of goods and services. Trade and commercial activities have steadily increased month-on-month. Demand for goods and services is forecast to climb as the year-end holiday Tet is approaching. — VNS