Vietnam consumer spending rises 11.5% in Jan – Aug
If excluding the price factor, the growth rate was 9.03% in the period, higher than an 8.98% rise recorded in the same period in 2018.
Total retail sales of consumer goods and services in Vietnam reached an estimated VND3,215.5 trillion (US$138.33 billion) in the first eight months of 2019, up 11.5% against the same period last year, according to the General Statistics Office (GSO).
Illustrative photo.
|
In August, revenue from retail sales and services stood at VND414.4 trillion (US$17.82 billion), up 0.4% month-on-month and 12.4% year-on-year. The low growth rate was due to the fact this year August coincided with the seventh month of the Lunar Calendar, when consumers usually refrain from spending during this lunar month, stated the GSO.
However, with an increase of 12.4% year-on-year, domestic consumer demand still retains its positive trend and compensates for the slowdown in export, according to a report from Bao Viet Securities Company (BVSC).
On breaking down, retail sales of goods in the eight-month period gained an estimate of VND2,444.8 trillion (US$105.18 billion), accounting for 76% of the total and increasing by 12.5% over the similar period last year.
Estimated sales of accommodation and catering services in the January - August period attained VND385.9 trillion (US$16.6 billion), accounting for 12% of the total and moving up by 9.8% from the same period last year.
Sales of tours between January and August achieved an estimate of VND29.7 trillion (US$1.27 billion), making up 0.9% of the total and climbing by 12.1% year-on-year.
Sales of other services during this period were estimated at VND355.1 trillion (US$15.27 billion), representing 11.1% of the total and increasing by 7% against the comparable period in 2018.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.
17:34, 2024/12/15
Hanoi's wet markets in decline amid changing consumer behaviors
Local consumers prefer shopping options that offer convenience and assurance of product origin.