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).
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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.
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