Vietnam's retail sales see slowest growth in 6 years

By Ha Phuong   August 5, 2016 | 03:05 am PT
The shopping spree continues to lose momentum.

Vietnam's total retail, trade and services revenue hit $90 billion in the first seven months of this year, marking a modest jump of 9.4 percent on-year, according to the General Statistics Office (GSO).

A slowdown in accommodation, catering, tourism and entertainment sales was the main reason for the period’s disappointing growth, said a GSO statistician. Not only that, the central coast provinces of Ha Tinh and Nghe An actually saw a 17 percent and 26.2 percent drop in retail sales due to the recent mass fish deaths.

Spending on some services, including tourism and entertainment, did not grow as fast as it had done previously due to food safety and pollution fears, GSO director Nguyen Bich Lam was quoted by Vietnam News as saying.

Retail sales of goods, which accounted for 76 percent of the total revenue, were the bright spot with a 9.7 percent jump against the same period last year.

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