RETAIL, SERVICE REVENUE PUT AT OVER VND5.17 QUADRILLION IN JAN-SEPT

A shopper checks the price of a product at a supermarket - PHOTO: ARCHIVES

HCMC – Vietnamese consumers spent over VND5.17 quadrillion on goods and services in the first nine months of this year, up 9.5% year-on-year, according to the National Statistics Office.

The strong growth was driven by rising domestic consumption during major holidays and a surge in international tourist arrivals. Excluding price factors, retail sales of consumer goods and services still rose a solid 7.2%, indicating an improvement in consumption.

In September alone, total retail sales of goods and services were estimated at VND598.7 trillion, up 2% month-on-month and 11.3% over the same period last year.

Revenue from apparel increased 15.2%, food and beverages were up 13.8%, and cultural and educational items grew 11.4%. The accommodation and catering sector rose 15%, while tourism and travel services jumped 19.7%.

In the third quarter, total revenue from consumer goods and services reached nearly VND1.76 quadrillion, up 2.6% from the previous quarter and 10.1% year-on-year.

For the nine-month period, retail sales of goods were estimated at nearly VND3.95 quadrillion, up 8.3%. Food and beverages saw a 10.3% increase, while apparel sales rose 8.2%. Major cities including Danang, Can Tho, Hanoi, HCMC, and Haiphong all recorded growth rates of 8% or higher.

Accommodation and catering services generated around VND624.4 trillion in revenue, up 14.8%, while tourism and travel services posted VND69.6 trillion, a sharp rise of 20.5%.

HCMC, Hanoi, and Quang Ninh led the country by tourism revenue growth, buoyed by stimulus programs and new tourism products.

Other service sectors also reported strong gains, with total revenue reaching VND534.1 trillion, up 12.1% year-on-year, reflecting a broad recovery across Vietnam’s domestic service industry.

Source: The Saigon Times