Ho Chi Minh City recorded a year-on-year rise of 5.7% in total retail sales of goods and consumer service revenue in January, according to its Department of Industry and Trade.
HCM City (VNA) – Ho ChiMinh City recorded a year-on-year rise of 5.7% in total retail sales of goodsand consumer service revenue in January, according to its Department ofIndustry and Trade.
Retail sales approximated 56.89trillion VND (2.4 billion USD), accounting for 62.8% of the total andincreasing 4.6% month on month.
The three groups of commodities postingthe highest year-on-year revenue growth comprised grain food 12.3%, foodstuff12.4%, and automobiles and other vehicles 12.9%, data showed.
Consumption demand surged as January saw the year-end shopping season and the Lunar New Year (Tet)holiday, the department said.
It added trading and serviceactivities in the country's largest metropolis have guaranteed supply and demand around the longest annual holiday.
Nguyen Nguyen Phuong, Deputy Director of the Industry and Trade Department,cited estimations by local distributors and retailers that the consumptiondemand on the Tet occasion grew by some 5% from a year earlier. In particular,the purchasing power via modern distribution channels rose about 10 - 15%.
Most distribution networks actively increased supplies to meet consumptiondemand during Tet, he went on, noting that the market is forecast to staystable in the coming time, and retailers, producers, and trading establishmentsare continuing to stimulate shopping demand./.
Revenue from retail sales of goods and services totalled about 515.8 trillion VND (21.87 billion VND) in December and over 1.54 quadrillion VND (65.3 billion USD) in the fourth quarter of 2022, a year on year rise of 17.1%, reported the General Statistics Office (GSO).
Although 2023 is forecast to see many difficulties, experts expect this is a recovery year of the retail sector after COVID-19 pandemic as there are many signs showing the return of investors and higher demands.
The Vietnamese retail sector has recovered to the pre-COVID-19 level, with 53.8% of total retailers reporting similar or better business outcomes, according to Vietnam Report JSC.
Vietnam’s total retail sales of goods and services in January was estimated at 544.8 trillion VND (23.22 billion USD), up 5.2% from the previous month and 20% as compared with the same period last year, according to the General Statistics Office (GSO).
The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59% of the national GDP, according to the Ministry of Industry and Trade (MoIT).
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Consumers shop at a supermarket. (Photo: VNA) 
