Retail sales in Vietnam hit four-year high

Update: 11:01 | 02/01/2020
Retail sales of goods and services in Vietnam reached 4.94 quadrillion VND (214.8 billion USD) in 2019, representing a rise of 11.8 percent over the previous year, according to the General Statistics Office (GSO).
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This marks the highest growth rate in the last four years. In 2016, retail sales rose 10 percent, and hit 11.6 percent in 2017 and 2018.

retail sales in vietnam hit four year high
Consumers shop at a supermarket in Ho Chi Minh City. (Photo: tapchicongthuong.vn)

If inflation was excluded, retail sales increased by 9.32 percent, compared to 8.4 percent in 2018.

According to Vu Manh Ha from the GSO, rising incomes, boosted by beyond-expectation economic growth of 7.02 percent, had pushed up purchasing power.

The GSO revealed that monthly income per capita was estimated at 4.2 million VND (182 USD) in 2019, higher than the 3.9 million VND (168 USD) reported in 2018.

In addition, the market also adapted to consumers’ tastes, with a diversification of distribution channels, quality products and attractive promotions, which also helped increase demand.

The retail revenue of goods totalled 3.751 quadrillion VND, up 12.7 percent.

Revenue from accommodation and catering services reached 586 trillion VND, rising 9.8 percent.

Tourism services recorded revenue of 46 trillion VND, up 2.1 percent.

Provinces and cities with high purchasing power included Thanh Hoa, Hai Phong, Ha Noi, HCM City, Da Nang, Can Tho, Nghe An, Khanh Hoa, Ba Ria-Vung Tau and Quang Ninh, seeing increasing rates of between 15.7 percent and 17.1 percent in retail sales.

Nam Dinh saw the highest increase in purchasing power in the country, with a growth rate of 18 percent.

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(Source: VNA)