Total revenue from retail trade and services in January up 4.4% against December, GSO reports.

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Total revenue from retail trade and services reached an estimated VND402.2 trillion ($17.26 billion) in January, up 4.4 per cent month-on-month and 12.2 per cent year-on-year, the Vietnam News Agency quoted the General Statistics Office (GSO) as reporting.

The GSO attributed the first month’s increase to rising purchasing demand among local people for the upcoming Tet holiday and efforts by enterprises to stockpile goods to better meet peak demand.

The retail value of goods totaled VND305.4 trillion ($13.9 billion), up 5.2 per cent over December and 13.1 per cent against January last year, with significant increases in food and foodstuffs (13.1 per cent) and textile and garments (13.4 per cent).

Among localities nationwide, the capital Hanoi posted the highest growth in the retail sales of goods, at 15.1 per cent, followed by the northern port city of Hai Phong at 14.5 per cent, northern Bac Ninh province at 14 per cent, central Da Nang city at 13.1 per cent, and Ho Chi Minh City at 13 per cent.

Retail sales of services topped VND43 trillion ($1.85 billion), representing a monthly increase of 1.8 per cent and a yearly increase of 7.4 per cent.

Revenue from restaurants, accommodation, and catering services was up 1.4 per cent month-on-month and 7.7 per cent year-on-year to VND49.5 trillion ($2.13 billion), while that from tourism hit VND4.3 trillion ($186.6 million), a rise of 8 per cent over January last year.

According to the Vietnam Institute for Trade Research, the goods retail market is seeing a strong trend towards minimarts and convenience stores.

It forecast that convenience stores will see double-digit growth in the next three years and record 37.4 per cent growth in 2021.

Under the domestic trade development strategy, the total sales of goods and services is to grow 13 per cent this year and next and 14 per cent each year in the 2021-2025 period.

Figures from the Ministry of Planning and Investment show that the wholesale and retail sector ranked third in attracting FDI last year, with total registered capital of $3.37 billion, accounting for 10.3 per cent of the country’s total.

by Linh Chi