Drop in retail sales in March

According to the General Statistics Office, retail sales and services merely touched VND211.3 trillion in March, down 0.6 percent compared to the previous month, and up 11.8 percent year-on-year, with consumers continuing to tighten spending due to the economic slump.

In the first three months of this year, retail sales and services brought in an estimated VND636.2 trillion, up 11.7 percent year-on-year. If factor price is excluded, rate of rise was just 4.5 percent, lower than 4.7 percent in the same period last year.

In the first three months of the year, trade accounted for the largest proportion of 77.3 percent with VND491.8 trillion, up 10.8 percent year-on-year.

Revenue from restaurants and hotels reached VND75.4 trillion, up 15.4 percent; services touched VND63.3 trillion, up 15.3 percent; and tourism hit VND5.7 trillion, up 4 percent.

By T.Trinh – Translated by Thuy Doan

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