Vietnam retail sales continued to recover before Covid-19 second wave hit
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Vietnam’s retail industry continued to recover after the March lockdown to fight Covid-19, with a 4.3-per-cent increase year on year in July’s retail sales.
However, after being virus-free for more than three months, Vietnam is now facing the second wave of Covid-19 which originated in the coastal city of Danang. With a full lockdown in Da Nang and partial lockdown in Ho Chi Minh City and Hanoi, retail sales are expected to be impacted this month.
According to the General Statistics Office (SGO), retail sales dropped just 0.4 percent year on year over the first seven months of this year, reaching about US$121.7 billion.
The office said Vietnam’s retail sales have shown positive signs of economic recovery due to domestic consumption and tourism push in July. Last month, Vietnam retail sales rose 3.3 percent from June’s figures.
Sales of consumer goods reached $96.4 billion, increasing by 3.6 percent year on year. Growth sectors include home appliances and fresh-food products with 7.6 percent and 7.5 percent increases respectively. Meanwhile, F&B revenues fell 16.6 percent, generating $12.2 billion.
Questions & Answers
Q.Which specific sectors showed growth in sales during the recovery period?
Which specific sectors showed growth in sales during the recovery period?
Home appliances and fresh-food products experienced notable growth. Home appliances saw a 7.6% increase, while fresh-food products grew by 7.5%, indicating strong consumer demand in these areas.
Q.How did F&B revenues perform compared to other sectors in the reported period?
How did F&B revenues perform compared to other sectors in the reported period?
F&B revenues performed poorly, falling by 16.6% during the reported period. This sector generated $12.2 billion, significantly contrasting with the growth seen in other consumer goods areas.
Q.What was the total value of Vietnam's retail sales for the first seven months of the year?
What was the total value of Vietnam's retail sales for the first seven months of the year?
For the first seven months of this year, Vietnam's retail sales reached approximately US$121.7 billion. This represented a small year-on-year drop of just 0.4 percent, despite the earlier lockdown.
Q.Which cities are currently facing lockdowns due to the second wave of Covid-19?
Which cities are currently facing lockdowns due to the second wave of Covid-19?
The coastal city of Danang is under a full lockdown due to the second wave. Ho Chi Minh City and Hanoi are also experiencing partial lockdowns, which are expected to impact retail sales.
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