VINACHEM

Viet Nam’s total revenue from retail sales and services in the first five months of this year maintained a high growth since the beginning of the year.

This was partly due to improving living standards of the people, according to the General Statistics Office (GSO).

The total revenue rose by 10.1 per cent year-on-year to VND1.75 quadrillion (US$76.4 billion) in the first five months, said GSO.

If inflation were excluded, the increase would be 8.3 per cent, higher than the 7.5 per cent growth recorded in the first five months of 2017, it said.

The high growth rate was up by 9.5 per cent in the first month, by 10.09 per cent in the first two months, by 9.9 per cent in the first three months, by 10.8 per cent in the first four months and by 10.1 per cent in the first five months.

Vu Manh Ha, domestic economy expert at GSO, said the high growth in revenue showed an increase in people’s purchasing power and medium-income people as well as stability in price and high supply of commodities.

The high purchasing power pushed the revenue of retail goods in the first five months of this year up by 11 per cent year-on-year to VND1.33 quadrillion, accounting for three-fourths of the total retail sales and services revenue.

Sectors posting a positive revenue increase included food (up by 12.1 per cent), textiles and garments (12.4 per cent), home appliances (11 per cent), cultural and educational products (9.1 per cent) and transport services (8.5 per cent).

Meanwhile, retail sales in accommodation, restaurant and catering services surged by 8.9 per cent year-on-year to VND214.4 trillion.

Revenues from other services, such as wedding and beauty services, reaching a high level in this period showed the diversity of consumer demand, Ha said. The revenue rose by 4.6 per cent year-on-year to VND196.5 trillion.

HCM City recorded the highest growth in purchasing power at 13.5 per cent during the first five months. It was followed by Thai Nguyen Province, up by 13 per cent; Ha Noi, up by 12.6 per cent; and Lam Dong Province, up by 12.56 per cent. - VNN -