Retail sales of goods and services reached an estimated VND390.8 trillion in February, marking a yearly increase of 11.5% but a monthly decline of 3 percent, the latest report from the General Statistics Office (GSO) showed.
GSO statistician Vu Manh Ha attributed the two-month retail sales growth, which would be 92.8% excluding inflation, to local people’s strong purchasing power during the long-lasting Tet holiday.
The retail value of goods topped VND613.4 trillion, up 15% year-on-year and accounting for 77.3% of the total. Of which, the sales of food and foodstuffs increased by 15%, home appliances 14%, and garments and textiles 13.2%.
Localities recording a significant retail sales increase included the central provinces of Ha Tinh and Quang Nam with 19.4% and 16%, respectively; the southern province of Long An with 17%; the northern port city of Hai Phong with 14%; HCM City with 13% and Hanoi with 11%.
From January to February, restaurant and accommodation revenues were VND90.2 trillion, surging 5.7% against the same period last year and making up 11.4% of the total with positive revenue growth seen in several localities such as Hai Phong (16.5%); the southern city of Can Tho (13.2%); the central provinces of Khanh Hoa and Quang Nam (12% and 10%, respectively).
Tourism revenues stood at VND8 trillion, up 7.8%, the office said, adding that revenue from other services, which equaled 10.3% of the total, witnessed a yearly rise of 5% to VND82.2 trillion.
In 2018, the nation’s total goods retail sales and service revenues rose 11.7% on-year to nearly VND4.4 quadrillion. Specifically, its goods retail sales surged 12.4% to over VND3.3 quadrillion.
Under the domestic trade development strategy, total sales of goods and services would grow by 13% each year through 2020 and by 14% per year in the 2021-25 period.
