VIETNAM’S JAN-OCT RETAIL SALES GROW 9.4% Y-O-Y

Vietnam’s retail sales of consumer goods and services expanded by 9.4% year-on-year in the first 10 months of this year, according to the General Statistics Office (GSO).

In October alone, sales revenue of consumer goods and services amounted to an estimated VND536.3 trillion, a 1.5% rise over the previous month and a 7% increase against the same period last year.

The GSO attributed this growth to a rising demand for cultural and educational items, household goods, as well as a sustained positive trend in accommodation, food, catering, and tourism services.

The tourism sector made VND30.2 trillion in revenue, up by a staggering 47.6% year-on-year. This growth was attributed to proactive efforts by localities to stimulate tourism demand.

Several regions saw substantial revenue spikes in the first 10 months, including Danang (143.8%), Khanh Hoa Province (137.9%), Quang Ninh Province (94.9%), HCMC (68%), Hanoi City (59.5%), Haiphong City (47.3%), and Can Tho City (32.4%).

Economists said that the retail sector will continue to recover as the domestic economy improves, and public investment remains robust. However, they stress the importance of attracting international tourists and promoting domestic tourism to strengthen domestic consumer demand.

The Government has taken measures to boost consumer demand, such as direct support for consumers, increased promotions and discounts, lower interest rates, reduced personal income tax, and expanded consumer loans. These measures also include debt payment extensions and enhanced social welfare support to revitalize consumer spending.

The Ministry of Industry and Trade is collaborating with other government departments and localities to ensure an adequate supply of essential goods, particularly during festive seasons and the upcoming Lunar New Year holiday in 2024.

Moreover, efforts to coordinate supply and demand between major cities and regions across the country are expected to support businesses in expanding distribution channels and introducing regional specialties to cater to consumer needs.

Source: The Saigon Times