Vietnam retail revenue reaches $11 billion

Vietnam retail and services revenue rose 10 per cent year-on-year last month to US$15 billion.

Excluding inflation, the amount marked a yearly increase of 6.7 per cent, says the General Statistics Office (GSO).

Statistician Vu Manh Ha attributes the growth to stable prices, despite high local consumption in preparation for the Tet holiday and sufficient stocks in supermarkets for the country’s biggest festival.

Retail accounted for more than three-quarters of total sales, reaching $11.5 billion – up 6.5 per cent from the previous month and 11 per cent more than the same period last year.

Sectors recording positive growth included food and foodstuffs (up 13 per cent), textile and garments (up 11.5 per cent), transport services (up 11.2 per cent) and home appliances (up 7.8 per cent).

Accommodation, restaurant and catering services, which made up 11.3 per cent of the total, topped more than $1.64 billion, representing a yearly rise of 3 per cent.

Localities that did well in accommodation, restaurant and catering sales included Ba Ria-Vung Tau with a 12 per cent rise, Thanh Hoa (8.6 per cent), Kien Giang (7.4 per cent), Hanoi (5.7 per cent) and Da Nang (5.2 per cent). However, there were downturns in several localities, including Quang Binh with a 12.4 per cent drop, and Ho Chi Minh City and Nam Dinh, falling by 5.3 per cent.