Retail sales soar 25 per cent in first nine months

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Customers shop at a supermarket in the northern province of Bac Ninh. September's retail sales revenue increased 2.93 per cent against the previous month to nearly VND134.9 trillion ($6.9 billion). — VNA/VNS Photo Tran Viet

September's revenue alone increased 2.93 per cent against the previous month to nearly VND134.9 trillion ($6.9 billion), the GSO said.

The trade sector reported a year-on-year revenue surge of 26.4 per cent to VND905.1 trillion ($46.4 billion), accounting for 79 per cent of the country's total sales revenue during the nine month period.

The hotel and restaurant sector saw a rise of 21.8 per cent to VND126.25 trillion ($6.47 billion). The increased figures for the tourism and service sectors were 37.4 per cent and 20.5 per cent to VND12.16 trillion ($625.6 billion) and VND102.6 trillion ($5.26 billion), respectively.

The surge's retail sales revenue was due primarily to the organisation of promotional programmes, including the Sales Promotion Month 2010 in HCM City, one of the country's largest shopping centres.

The HCM City's September programme saw the participation of nearly 600 businesses, mostly involved in garments and textiles, food and beverages, home utensils and tourism services, with roughly 2,000 sales promotion points. Roughly 1,500 products received 10-50 per cent reductions, 90 per cent of the products were high-quality Vietnamese goods.

According to the HCM City Department of Industry and Trade, sales of businesses taking part in the Sales Promotion Month increased 10-15 per cent compared to the same period last year. The number of consumers also rose sharply.

Director of the Ministry of Industry and Trade's Domestic Market Department Truong Quang Hoai Nam said foreign investors continued to consider Viet Nam a promising investment destination.

Meanwhile, global ratings agency AT Kearney predicted that Viet Nam's retail industry would grow over the next few years, and that consumer spending would rise above its current level of 70 per cent of household income.

The Ministry of Industry and Trade forecast that the country's retail sales and services revenue would soar 22 per cent from a year earlier to $78.9 billion.