Total revenue from retail sales and services in Vietnam topped US$160 billion (Bt5.2 trillion) during the first 11 months of 2017, surging 10.7 per cent year-on-year, according to the General Statistics Office (GSO).
Excluding inflation, the increase is 9.5 per cent, reaching the highest rate this year, against the growth rate at 6.2 per cent in the first quarter, 8.4 per cent in the first half , 9.2 per cent in the first nine months and 9.4 per cent in the first 10 months of the year, the GSO said.
The increase in people’s purchasing power has been attributed to the high consumer demand, as the consumer price index grew slowly in 11 months, only by half of the growth rate against the same period last year, Vu Manh Ha, an expert at the GSO’s internal economics department, said.
During the first 11 months, the total retail sales of goods accounted for 75 per cent of the total to reach $120 billion, a year-on-year increase of 10.8 per cent. Retail sales of cars were up by 17.8 per cent, wooden products and building materials went up 12.5 per cent, all kinds of gasoline increased by 11.8 per cent, and food was up by 10.4 per cent.
Notably, the sales of construction materials rose sharply, especially materials used for repairing houses damaged by floods and storms in the central region of Vietnam. Car sales also increased due to many automotive companies offering discounts. Gasoline prices increased several times in the reviewed period.
Retail sales of accommodation, restaurant and catering services ranked second with an 11.2 per cent increase to touch nearly $20 billion.
Travel services also accounted for an increase of 16.2 per cent in spite having low value. The sales of other services accounted for 11.8 per cent of the total retail sales and services, posting a year-on-year rise of 9.6 per cent.