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Vietnam's retail sales slow down over 9 months

Xinhua, October 5, 2016 Adjust font size:

Vietnam's total revenue from retail trade and services topped 118.4 billion U.S. dollars during the first nine months of 2016, surging 9.5 percent year-on-year, according to the General Statistics Office (GSO) on Wednesday.

Excluding inflation, the increase would be 7.7 percent, lower than the 9.2 percent seen in the same period last year, GSO said.

According to GSO, the slower growth of retail trade in the period was attributed to the fact that local consumers have curbed their spending due to price fluctuations in the consumer market and other services such as petroleum, healthcare and school fees.

Retail sales of goods, which accounted for more than three fourths of the total sales, reached 90.2 billion U.S. dollars from January to September, up 9.7 percent year-on-year. Several sectors recorded a positive revenue increase including food and foodstuffs (up 13.2 percent year-on-year), home appliances (up 10.1 percent), textile, garments (up 9.5 percent) and transport services (up 7.6 percent).

Meanwhile, retail sales of accommodation, restaurant and catering services, which accounted for 10 percent of the total, posted revenue of 13.64 billion U.S. dollars, a yearly rise of 8.3 percent.

The country's retail turnover is expected to rise to 179 billion U.S. dollars by 2020, the Association of Vietnam Retailers (AVR) earlier forecast.

According to AVR, the sector's huge potential has attracted a lot of local and foreign investors, especially in Vietnam's southern economic hub of Ho Chi Minh City. Endit