Retail sales of consumer goods, services top 22 billion USD in May

Illustrative image (Source: VNA)

Hanoi – Total revenue from retail sales of consumer goods and services in May was estimated at 519 trillion VND (22.09 billion USD), an increase of 1.5 per cent over the previous month and 11.5 per cent year on year thanks to the long holidays in the beginning of the month, according to the General Statistics Office (GSO).

The results pushed the total retail sales of consumer goods and services in the first five months of this year to 2.52 quadrillion VND (107.2 billion USD), a year-on-year rise of 12.6 per cent, excluding the 8.3 per cent rise in price, the GSO reported.

It underlined that the result in the first five months of this year was the highest recorded in the same period since 2015, representing a surge of 28.3 per cent over the same time in 2019 before the COVID-19 pandemic broke out.

Specifically, in the January-May period, revenue from retail sales of goods was estimated at 1.99 trillion VND, up 10.7 per cent year on year. Upturn was seen in sales of food and foodstuff (14.6 per cent), garment and textile (11.1 per cent), home appliances (4.8 per cent), transport vehicle excluding automobiles (4.2 per cent), and educational and cultural products (1.9 per cent).

Strong rise was seen in revenue from retail sales of goods in many localities, led by Bac Ninh with 19.6 per cent, Binh Dinh 14.8 per cent, Binh Duong 13.8 per cent, Thanh Hoa 12.1 per cent, and Hai Phong 10.6 per cent.

Meanwhile, revenue from accommodation and food services in the first five months was estimated at 268.3 trillion VND, up 22.1 per cent over the same period last year, and that from other services reached about 253.6 trillion VND.

Vice Director of Department of Planning and Finance under the Ministry of Industry and Trade Nguyen Thuy Hien held that despite the increase, the consuming power of the 100-million-strong market has yet to be fully exploited.

This is one of the reasons why the ministry proposed a reduction of value added tax on a number of goods groups to catalyse consumption, she said, expressing her hope that the cut will help promote goods production, job generation and State budget increase, thus contributing to completing the socio-economic development targets for this year.

Alongside, the ministry will also focus on implementing programmes to promote domestic trade, especially through digital platform and e-commerce, and support local firms to build trademarks, she said.

Retail sales, service revenue hit 73.5 billion USD in four months The total retail sales and service revenue surged 10.02 percent year-on-year to 1.695 quadrillion VND (over 73.5 billion USD) in the first four months of 2021, according to the Ministry of Industry and Trade (MoIT).

Vietnam’s retail sales forecast to reach 350 billion USD by 2025 The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59 per cent of the national GDP, according to the Ministry of Industry and Trade (MoIT).