Retail sales hit one-year high in October

The GSO said that monthly retail sales so far this year had been between VND121 trillion ($6.4 billion) and VND135 trillion ($7.1 billion).

With October's increase, total retail sales value for the first ten months of the year rose to VND1,282 trillion ($67.5 billion), up 26.1 per cent over the same period last year.

The trade sector reported a year-on-year revenue surge of 25.8 per cent to VND1,010.9 trillion ($51.84 billion), accounting for nearly 80 per cent of the country's total sales revenue during the ten-month period.

The hotel and restaurant sector saw a rise of 21.6 per cent to VND141.2 trillion ($7.24 billion) and figures for the service sector increased 22.3 per cent to VND116.9 trillion ($5.99 billion).

Head of the GSO's Trade Department Le Minh Thuy attributed the October surge to increasing consumer demand thanks to a series of festivals including Hanoi's 1,000th anniversary last month.

October is also often the first month to experience a bump in retail growth and that normally lasts until the end of the year, said Thuy.

The surge in retail sales was also significant thanks to a number of promotional programmes organised by the Vietnamese government as part of measures to stabilise prices.

Industry insiders said retail sales would surge significantly this month, especially in Hanoi thanks to the launch of a promotions month.

More than 1,100 special displays of products from 300 businesses, commercial centres, supermarkets and shops will be set up in various venues around the city with promotions for the month of November.

Participating businesses will be discounting a minimum of 30 per cent of their products at more than 15 per cent.

The Ministry of Industry and Trade forecast that the country's retail sales and services revenue would soar roughly 22 per cent year-on-year to $78.9 billion in 2010.