Retail sales, services earn USD 172 billion in 11 months

Vietnam’s total revenue from retail sales and services has continued to grow strongly, reaching VND 4 quadrillion (USD 172 billion) in the first 11 months of this year, a year-on-year increase of 11.5 per cent, according to the General Statistics Office of Vietnam.

Vietnam’s consumers spent VND 3 quadrillion (USD 129 billion) on retail goods, accounting for three-fourths of the total revenue and up 12.3 per cent from the same period last year. Several products enjoyed strong growth, including food and foodstuff (12.7 percent), clothing (12.3 percent) and home appliances (12.1 per cent).

In November, consumers in the country purchased VND 385 trillion (USD 16.54 billion) worth of retail goods and services, up 1.1 per cent from October and 12.2 per cent year on year.

Of the figure, they spent VND 288.6 trillion (USD 12.4 billion) on retail goods, VND 47 trillion (USD 2.02 billion) on accommodation and catering services and VND 3.4 trillion (USD 146.1 million) on travel.

Retail sales, services earn USD 172 billion in 11 months.

Last year, retail sales and services earned VND 3.93 quadrillion (USD 174.85 billion), surging 10.9 percent year on year.

The growth showed the people’s purchasing power was improving, largely due to the curbing of the consumer price index (CPI) at a hike rate of 3.53 per cent for 2017, below the government’s target.

Retail sales revenue also made up three quarters of the total figure, hitting VND 2.94 quadrillion (USD 130.8 billion), a year-on-year rise of 10.9 per cent.

The revenue of retail sales rose 14 per cent for automobiles, 13.2 per cent for gemstones and precious metals, 12.8 per cent for wooden products and building materials, 11.1 per cent for food, 10.2 per cent for cultural and educational products, and 9.6 per cent for clothing.

Meanwhile, turnover from accommodation and catering services stood at VND 494.7 trillion (USD 22 billion), 12.6 per cent of the total revenue and up 12 per cent year on year.

( VNF/VNA )