Retail sales in Vietnam hit four-year high

Retail sales of goods and services in Vietnam reached VND4.94 quadrillion (US$214.8 billion ) in 2019, representing a rise of 11.8 percent over the previous year, according to the General Statistics Office (GSO).

Consumers shop at a supermarket in Thua Thien-Hue province. (Photo: VNA)

Consumers shop at a supermarket in Thua Thien-Hue province. (Photo: VNA)

This marks the highest growth rate in the last four years. In 2016, retail sales rose 10 percent, and hit 11.6 percent in 2017 and 2018.
If inflation was excluded, retail sales increased by 9.32 percent, compared to 8.4 percent in 2018.
According to Vu Manh Ha from the GSO, rising incomes, boosted by beyond-expectation economic growth of 7.02 percent, had pushed up purchasing power.
The GSO revealed that monthly income per capita was estimated at VND4.2 million ($182) in 2019, higher than the VND3.9 million ($168 ) reported in 2018.
In addition, the market also adapted to consumers’ tastes, with a diversification of distribution channels, quality products and attractive promotions, which also helped increase demand.
The retail revenue of goods totalled VND3.751 quadrillion, up 12.7 percent.
Revenue from accommodation and catering services reached VND586 trillion , rising 9.8 percent.
Tourism services recorded revenue of VND46 trillion, up 2.1 percent.
Provinces and cities with high purchasing power included Thanh Hoa, Hai Phong, Hanoi, HCM City, Da Nang, Can Tho, Nghe An, Khanh Hoa, Ba Ria-Vung Tau and Quang Ninh, seeing increasing rates of between 15.7 percent and 17.1 percent in retail sales.
Nam Dinh saw the highest increase in purchasing power in the country, with a growth rate of 18 percent.

VNA

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