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August retail sales in huge surge

Vietnam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent, reported the General Statistics Office (GSO).
August retail sales in huge surge ảnh 1Vietam’s total revenue from retail sales and services reached 2.58 quadrillion VND (114.7 billion USD) in the first eight months of this year, a year on year increase of 10.3 percent (Photo: VNA)

Hanoi (VNA) – Vietnam’stotal revenue from retail sales and services reached 2.58 quadrillion VND (114.7billion USD) in the first eight months of this year, a year on year increase of10.3 percent, reported the General Statistics Office (GSO).

The figure amounted to an 8.9 percent increase, excluding the pricefactor, the highest rise recorded since the beginning of this year, said GSOdomestic trade expert Vu Manh Ha, adding that the figure was also higher than8.5 percent growth of the same period last year.

Ha attributed the growth in purchasing power to surges in demand foraccommodation and catering services after high school graduation and universityexaminations as well in essential goods for the new school year which starts inSeptember.

Recovery in revenue from accommodation and catering services in four centralprovinces – Ha Tinh, Quang Binh, Quang Tri and Thua Thien-Hue - after lastyear’s environmental disaster caused by Formosa also contributed to the retailsales increase, he said.

From January to August, revenue of retail sales reached 1.93 quadrillion VND (86.1billion USD), accounting for three quarters of total revenue, a yearly rise of10.3 percent. Sectors posting significant growth included textile and garments,up 14 percent; equipment and home appliances, up 11.6 percent; food andfoodstuff, up 10.6 percent; and transportation, up 7.6 percent.

ඣ[Retail sales revenue increases 10 percent in seven months]

Revenue from accommodation and catering services stood at 318 trillion VND (14.1billion USD), an increase of 11.3 percent against the figure in the same periodlast year.

Meanwhile, the tourism sector experienced a revenue increase of 11 percentyear-on-year in the first eight months to 23.1 trillion VND (1.26 billion USD),with several localities witnessing significant growth, such as the northernprovince of Bac Giang with 25.1 percent; the central province of Khanh Hoa (23percent); HCM City (12.2 percent) and the southern province of Ba Ria – Vung Tau(12 percent).

The Association of Vietnam Retailers has forecast that the country’s retailturnover will rise to 179 billion USD by 2020.-VNA
VNA
#revenue from retail sales and services #retail sales #growth in purchasing power #new school year #Association of Vietnam Retailers #retail turnover #updated Vietnam news #Vietnamplus #Vietnam News Agency

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