Total retail sales hit $85 billion in five months

Excluding inflation, the growth was 8.6 per cent in January-May, 0.1 per cent higher than the same period last year.

During the first five months of this year, retail sales of goods accounted for 76.5 per cent of the total to reach VND15.1 quadrillion, 12.7 per cent higher than the same period last year.

Of which, sales of food and foodstuff rose by 13.3 per cent; household appliances, tools and equipment 12.8 per cent; garment and textile 11.4 per cent; and transport 11.2 per cent.

Sales of accommodation and restaurant services had a year-on-year increase of 9.2 per cent to $236 trillion. Those of tourism revenue gained $18.4 trillion, 12.4 per cent higher than the same period last year.

GSO economic expert Vu Manh Ha said total retail sales in the five months saw relatively high growth thank to abundant goods supply, meeting production and consumption demand.

With the upward trend in total retail sales, the Ministry of Industry and Trade forecast total sales this year would grow by 10 per cent.

With a growth rate of more than 10 per cent a year, Viet Nam’s retail market has great potential due to its young population and increasing income.

The GSO’s figures also revealed that the country’s retail market scale has rapidly increased in recent years from $88 billion in 2010 to $130 billion in 2017. It was expected to rise to $180 billion in 2020.

However, some big foreign retailers have struggled in Viet Nam. Recently, French firm Auchan announced it would exit Viet Nam after five years of operation.