Vietnam retail sales rises in seven months straight
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Vietnam retail sales and services rose 11.1 per cent in the first seven months, according to the General Statistics Office (GSO).
The revenue reached VND2.49 quadrillion (US$108.3 billion) thanks to a strong increase in purchasing power during prolonged hot weather, the GSO said.
Sales in July reached the highest level during the past three months, with May and June each seeing 8.3 per cent growth.
The retail sector gained a year-on-year surge of 11.7 per cent in revenue to VND1.88 quadrillion, accounting for 75 per cent of the total revenue from retail sales and services.
Products recording strong increases included food (up 12.6 per cent), apparel (up 12.4 per cent), home appliances (up 12.3 per cent), cultural and education services (up 10.3 per cent) and transport (up 10.4 per cent).
GSO said demand for food rose during the FIFA World Cup in June and July.
Tourism revenue grew 17.7 per cent, followed by accommodation and restaurant and catering services, up 9.1 per cent.
The GSO expects Vietnam retail sales to grow by 10.5 per cent over the full year.
Questions & Answers
Q.What was the total revenue generated from retail sales and services during the first seven months?
What was the total revenue generated from retail sales and services during the first seven months?
Total revenue from retail sales and services reached VND2.49 quadrillion, which is equivalent to US$108.3 billion. This increase was attributed to strong purchasing power during a period of prolonged hot weather.
Q.Which specific product categories saw significant increases in sales?
Which specific product categories saw significant increases in sales?
Food sales rose by 12.6 per cent, apparel by 12.4 per cent, and home appliances by 12.3 per cent. Cultural and education services increased by 10.3 per cent, and transport by 10.4 per cent.
Q.How much did the retail sector contribute to the overall revenue from sales and services?
How much did the retail sector contribute to the overall revenue from sales and services?
The retail sector alone generated VND1.88 quadrillion in revenue. This accounted for 75 per cent of the total revenue from retail sales and services recorded during the first seven months.
Q.What is the projected growth for Vietnam's retail sales over the full year?
What is the projected growth for Vietnam's retail sales over the full year?
The General Statistics Office expects Vietnam's retail sales to achieve a growth of 10.5 per cent for the entire year. This projection follows the strong performance seen in the first seven months.
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