06 Nov 2023
The total retail sales of consumer goods and services in Vietnam registered a year-on-year rise of 9.4% to over VND5.1 trillion ($207.8 million) between January and October, according to the General Statistics Office.
Revenue from retail sales of goods was almost VND3.99 trillion, making up 78.1% of the total and a rise of 8.3% year-on-year.
Furthermore, revenue from tourism soared 47.6% to an estimated VND30.2 trillion, as cities across the country focused on a series of tourism initiatives along with cultural and sporting activities to boost travel demand, VN Express International reports.
There was a robust increase in revenue from retail sales of goods and services in numerous localities, such as 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 %).
Revenue from retail sales is forecast to rise for the remainder of the year following the economic recovery and stepping up of public investment disbursement.
Yet, domestic consumption remains weak, with a sluggish recovery as a result of the persistent impact of the pandemic. As such, experts have stated that programs need to be put in place to attract more foreign visitors and boost domestic tourism to stimulate consumption.
The government has implemented a series of incentives to bolster spending, consisting of discount programs, reducing interest rates and personal income tax and greater social welfare support.
Moreover, Vietnam’s Ministry of Industry and Trade is set to work alongside various ministries, sectors and localities to closely monitor the market situation, ensure sufficient essential items and stabilise the market during end-of-year holidays.