Retail sales of goods and services in Vietnam reached 4.94 quadrillion VND (214.8 billion USD) in 2019, representing a rise of 11.8 percent over the previous year, according to the General Statistics Office (GSO).
Consumers shop at a supermarket in Thua Thien-Hue province. (Photo: VNA)
Hanoi (VNA) - Retailsales of goods and services in Vietnam reached 4.94 quadrillion VND (214.8 billionUSD) in 2019, representing a rise of 11.8 percent over the previous year,according to the General Statistics Office (GSO).
This marks the highest growthrate in the last four years. In 2016, retail sales rose 10 percent, and hit11.6 percent in 2017 and 2018.
If inflation was excluded,retail sales increased by 9.32 percent, compared to 8.4 percent in 2018.
According to Vu Manh Ha fromthe GSO, rising incomes, boosted by beyond-expectation economic growth of 7.02 percent,had pushed up purchasing power.
The GSO revealed thatmonthly income per capita was estimated at 4.2 million VND (182 USD) in 2019,higher than the 3.9 million VND (168 USD) reported in 2018.
In addition, the market alsoadapted to consumers’ tastes, with a diversification of distributionchannels, quality products and attractive promotions, which also helpedincrease demand.
The retail revenue of goodstotalled 3.751 quadrillion VND, up 12.7 percent.
Tourism services recorded revenueof 46 trillion VND, up 2.1 percent.
Provinces and cities with highpurchasing power included Thanh Hoa, Hai Phong, Hanoi, HCM City, Da Nang, CanTho, Nghe An, Khanh Hoa, Ba Ria-Vung Tau and Quang Ninh, seeing increasingrates of between 15.7 percent and 17.1 percent in retail sales.
Nam Dinh saw the highestincrease in purchasing power in the country, with a growth rate of 18 percent./.
Domestic retailers must work to outline rational business strategies to gain a competitive edge over their foreign rivals, especially as the local retail market has become more attractive than ever to foreign investors.
Goods and services trading continued its upward trend in the January-April period with the retail sale value increasing at the highest rate since 2015.
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Consumers shop at a supermarket in Thua Thien-Hue province. (Photo: VNA) 
