Total revenue from retail sales and services topped US$160 billion during the first 11 months of 2017, surging 10.7 per cent year-on-year, according to the General Statistics Office (GSO).

During the first 11 months, the retail sector accounted for 75 per cent of total sales to reach $120 billion, a year-on-year increase of 10.8 per cent. — Photo baodauthau.vn

Excluding inflation, the increase is 9.5 per cent, reaching the highest rate this year, against the growth rate at 6.2 per cent in the first quarter, 8.4 per cent in the first half of the year, 9.2 per cent in the first nine months and 9.4 per cent in the first 10 months of the year, GSO said.

The increase in people’s purchasing power has been attributed to the high consumer demand, as the consumer price index grew slowly in 11 months, only by half of the growth rate against the same period last year, Vu Manh Ha, an expert at GSO’s Internal Economics Department, said.

During the first 11 months, the total retail sales of goods accounted for 75 per cent of the total to reach $120 billion, a year-on-year increase of 10.8 per cent. Retail sales of cars were up by 17.8 per cent, wooden products and building materials went up 12.5 per cent, all kinds of gasoline increased by 11.8 per cent and food and foodstuff were up by 10.4 per cent.

Notably, the sales of construction materials rose sharply, especially materials used for repairing houses damaged by floods and storms in the central region of Viet Nam. The sales of cars also increased due to many automotive companies offering discount on car prices. Gasoline prices have increased several times in the reviewed period.

Retail sales of accommodation, restaurant and catering services ranked second with an 11.2 per cent increase to touch nearly $20 billion.

Travel services also accounted for an increase of 16.2 per cent in spite having low value. The sales of other services accounted for 11.8 per cent of the total retail sales and services, posting a year-on-year rise of 9.6 per cent.

Some localities recorded an encouraging growth in retail revenue, including Quang Ninh, Binh Duong, Lao Cai, Binh Phuoc, with increases from 18 per cent to over 19.2 per cent.

Meanwhile, Thanh Hoa, Ba Ria Vung Tau, Lam Dong and Da Lat led the sales of accommodation, restaurants and catering services, increasing by between 12 and 17 per cent.

Thanh Hoa and Khanh Hoa, which are famous for their beautiful beaches, and Ha Noi and HCM City gained the highest revenue from tourism services, some 12-20 per cent increase.

In a draft strategy on domestic trade development released recently, the Ministry of Industry and Trade forecast that the revenue of Viet Nam’s retail sales market will reach over $484 billion by 2025 and some $1.938 trillion by 2035. — VNS