Retail revenues reach nearly 102 billion USD in first half
The nation's total revenue from retail sales and services saw a significant growth of 11.5 percent to more than 23.9 quadrillion VND (nearly 102 billion USD) in the first half of this year.
Hanoi (VNA) - The nation's total revenuefrom retail sales and services saw a significant growth of 11.5 percent to morethan 23.9 quadrillion VND (nearly 102 billion USD) in the first half of thisyear.
The increase was the highest level seen in thefirst half of any of the past three years, the General Statistics Office (GSO)has said in a monthly report.
Excluding the price factor, the growth rate was8.7 percent against the first half of last year.
The abundant supply met manufacturing andconsumption demands, GSO Director Nguyen Bich Lam told a press conference inHanoi late last week. Lam said the local market was buoyed in the reviewedperiod by a broadened consumption market and diversified promotions.
In the six-month period, retail sales of goodsreached 18.23 quadrillion VND, up 12.5 percent year-on-year and making up 76.3percent of all revenue. Sales of food and foodstuff rose 13 percent, householdequipment rose 12 percent, garments rose 11 percent and cultural, educationaland transport facilities rose 10.7 percent.
According to the report, sales of restaurant andaccommodation services topped 286.7 trillion VND in the period, accounting for12 percent of the total revenue and surging 10 percent over same period lastyear. Travel services revenue amounted at 21.9 trillion VND, up 13 percent.
With the upward trend in total retail sales, theMinistry of Industry and Trade forecast total sales this year would grow by 10percent.
The GSO’s figures also revealed that the country’sretail market scale has rapidly increased in recent years from 88 billion USDin 2010 to 130 billion USD in 2017. It is expected to rise to 180 billion USDin 2020.
Under the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP), Vietnam will remove limitations on theopening of more retail stores in 2024 after the deal has been in effect forfive years. The Vietnamese retail market is expected to experience a boomthanks to the participation of both traditional distributors and majore-commerce groups.-VNA
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Shoppers at a supermarket in Hanoi (Photo: VNA) 
