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Vietnam's retail sales and service revenue in June up 6.2%

17:15 | 06/07/2020

According to the General Statistics Office, the total retail sales and service revenue of Vietnam reached VND431 trillion (US$18.6 billion) in June, up 6.2 per cent month-on-month and 5.3 per cent year-on-year.

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vietnams retail sales and service revenue in june up 62
Food sales revenue increased 7% in the first half of the year (Photo: Securities News)

According to the General Statistics Office, the total retail sales and service revenue of Vietnam reached VND431 trillion (US$18.6 billion) in June, up 6.2 per cent month-on-month and 5.3 per cent year-on-year.

However, the figure in the first six months of 2020 decreased by 0.8 per cent to about VND2.38 quadrillion ($103 billion) compared to the same period last year, according to VNA.

In particular, the total revenue in the second quarter was VND 1.15 quadrillion (USD 50 million), down 5.8 per cent from the previous quarter and 4.6 per cent from a year ago.

During the first half of the year, the retail sector earned about VND 1.89 quadrillion (USD 81 million), an annual increase of 3.4 per cent. This increase was due to the abundant supply of goods and rising online shopping especially during the Covid-19 social distancing period.

vietnams retail sales and service revenue in june up 62
Garment sales decreased 1.2% in the first half of the year (Photo: Kiot Viet)

In particular, sales of food increased by 7%, household appliances, tools and equipments increased by 5%, garment down 1.2%, means of transport reduced by 3.5%, cultural and educational items down by 6%.

Some localities had a good rise in retail sales over the same period last year: Hai Phong increased by 10.4%; HCMC increased by 10.1%; Hanoi increased by 9.9%; Dong Nai increased by 8.4%, Securities News reported.

The turnover of accomodation and catering services in the first 6 months of this year was estimated at VND 234.7 trillion (USD 10 billion), accounting for 9.9% of the total and down 18.1% over the same period last year. In the second quarter it plummeted by 26.1% due to the social distancing.

The revenue from tourism in 6 months was estimated at VND 10.3 trillion (USD 430 million), accounting for 0.4% of the total and down 53.2% over the same period last year (the same period in 2019 increased by 12.4%). This is mainly due to the stop of international tourists coming to the country to prevent Covid-19, informed VGP.

vietnams retail sales and service revenue in june up 62
Tourism revenue was down 53.2% in the first half of the year (Photo: One tour)

With the EU-Vietnam Free Trade Agreement (EVFTA) effective from August, retail experts have said the domestic industry would have plenty of opportunities and challenges in the near future.

Vu Vinh Phu, a retail industry expert, said that local companies will be under greater pressure as many different kinds of goods will be exported to other countries, while goods from different nations will enter Vietnam more freely.

Furthermore, goods from abroad have specific advantages in terms of quality. They also follow diversified innovative models and are reasonably priced. This means that Vietnamese goods can face tougher competition.

Therefore, Vietnamese manufacturers should strive to improve designs and labor productivity to compete with goods from other countries. Vietnamese retail companies should build their own retail brands, and strengthen production in a responsible manner.

According to Tran Duy Dong, Director of Domestic Market Department under the Ministry of Industry and Trade, it is essential to protect domestic businesses by establishing technical barriers and strictly controlling the foreign enterprises. It is also important for Vietnam to boost communications regarding regulations under EVFTA commitments, he said.

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