Ho Chi Minh City retail sales and services surged by 34.2 percent in January to an estimated VND32.065 trillion (US$1.68 billion), the Department of Industry and Trade said.
|Ho Chi Minh City’s iconic Ben Thanh market. Retail sales boomed in the city in January, rising by over 34 percent year on year before adjusting for inflation (Photo: SGGP)|
Adjusted for inflation, the rise was a less frenetic 23.1 percent and it marked a 4.6 percent increase from the previous month.
According to the Department of Statistics, prices rose by 1.27 percent in January and 9.05 percent year on year.
In Hanoi, retail and service revenues were up a more sedate 11.7 percent while prices rose by 1.3 percent.
Retail sales countrywide rose 23.1 percent from a year ago and 3.8 percent from a month ago to VND121.2 trillion.
Though consumption increased sharply in HCMC ahead of the lunar New Year on February 14, prices have been rather stable because the city has implemented a program to stabilize the market.