Vietnam retail sales soar this year

Vietnam retail sales soared 10.3 per cent in the first eight months of this year, according to figures released by the General Statistics Office.

Even after the effects of inflation were removed from the data, sales were up by 8.9 per cent, total spending estimated at US$114.7 billion.

The rise was higher than for the same period last year and underline the significant improvement in the local population’s disposable income levels.

Excluding hospitality and catering sales from the data, Vietnam retail sales totalled $86.1 billion, three quarters of the total trade. Strongly performing categories included apparel, appliances and food, up 14 per cent, 11.6 per cent and 10.6 per cent respectively.

Vietnam’s total retail market is forecast by the Association of Vietnam Retailers to reach US$179 billion by 2020.