Retail sales of consumer goods and services increase by 9.4% in the span of ten months

According to the General Statistics Office, Vietnam’s total retail sales of consumer goods and services experienced a year-on-year growth of 9.4% during the period from January to October, reaching over VND5.1 trillion ($207.8 million). Goods sales accounted for approximately 78.1% of the total revenue, amounting to nearly VND3.99 trillion, reflecting an 8.3% increase compared to the previous year.

Notably, tourism revenue surged by 47.6%, reaching an estimated VND30.2 trillion, as various tourism activities and cultural events were organized nationwide to stimulate travel demand. Several localities, including Da Nang (143.8%), Khanh Hoa (137.9%), Quang Ninh (94.9%), Ho Chi Minh City (68%), Hanoi (59.5%), Hai Phong (47.35%), and Can Tho (32.4%), witnessed a significant rise in revenue from retail sales.

Experts predict that retail sales will continue to increase until the end of the year due to economic recovery and accelerated public investment disbursement. However, it is crucial to develop rational solutions and attractive programs to attract more foreign tourists and boost domestic tourism in order to stimulate consumption, as domestic consumption remains weak and is slowly recovering from the impacts of the Covid-19 pandemic.

The government has implemented various incentives, such as discount programs, reduced interest rates, and personal income tax reductions, as well as enhanced social welfare support, to encourage spending. The Ministry of Industry and Trade, in collaboration with relevant ministries, sectors, and localities, will closely monitor the market situation, ensure sufficient essential items, and stabilize the market during the year-end holidays.