Ten-month retail sales of consumer goods, services up 9.4%

By VNA   November 6, 2023 | 12:05 am PT
Ten-month retail sales of consumer goods, services up 9.4%
People shop in a supermarket in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 9.4% to more than VND5.1 trillion ($207.8 million) during January – October, the General Statistics Office said.

Revenue from retail sales of goods was nearly VND3.99 trillion, accounting for 78.1% of the total and up 8.3% year-on-year.

Notably, revenue from tourism surged 47.6% to an estimated VND30.2 trillion as localities nationwide have carried out an array of tourism offerings as well as cultural and sport activities to stimulate travel demand.

Strong rise in revenue from retail sales of goods and services was seen in several localities, including Da Nang (143.8%), Khanh Hoa (137.9%), Quang Ninh (94.9%), Ho Chi Minh City (68%), Hanoi (59.5 %), Hai Phong, (47.35%) and can Tho (32.4 %).

Experts said that revenue from retail sales is expected to rise until the end of this year on the back of economic recovery and acceleration of public investment disbursement. However, as domestic consumption remains weak and is on a sluggish recovery due to the lingering impacts of the Covid-19 pandemic, it is necessary to sketch out rational solutions and attractive programs to lure more foreign tourists and bolster domestic tourism so as to fuel consumption.

Over the past time, an array of incentives has been implemented by the Government to encourage spending, comprising organization of discount programs, reduction of interest rates and personal income tax, and enhanced social welfare support.

The Ministry of Industry and Trade will join hands with competent ministries, sectors and localities to keep a close watch on the market situation, ensure sufficient essential items, and stabilize the market during year-end holidays.

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