Vietnam’s retail market in 2020 expanded by 7% year-on-year or US$11 billion to a record high of $172 billion, according to the General Statistics Office (GSO).

Revenue from Vietnam's retail market reaches record high of US$172 billion in 2020. Photo: Pham Hung.

“While the Covid-19 crisis remains complicated globally, Vietnam’s effective control of the pandemic has led to recovery of retail sales of consumer goods and services in the final months of the year,” stated the GSO in its report.

Such growth rate, while remaining lower compared to the 12.7% recorded the previous year, was an encouraging sign for the business community amid global retail market suffering plunge in revenue during the pandemic.

Among cities/provinces with strong growth in retail sales in 2020, Ho Chi Minh City witnessed a two-digit growth rate of 12% year-on-year to US$33 billion.

A high growth rate in retail sales by year-end was due to retailers and shopping malls offering sales promotion programs to stimulate domestic consumption, added the GSO.

In 2020, total retail sales of consumer goods and services in Vietnam reached an estimated VND5,059.8 trillion (US$219.53 billion) in 2020, up 2.6% against 2019.

On breaking down, retail sales of goods in 2020 gained around VND3,996.9 trillion (US$172.76 billion), accounting for 79% of the total and increasing by 6.8% over the similar period in 2019. 

Estimated sales of accommodation and catering services in this year attained VND510.4 trillion (US$22.14 billion), accounting for 10.1% of the total and down 13% from the same period of the previous year. 

Sales of tours achieved an estimate of VND17.9 trillion (US$776.8 million), making up 0.3% of the total and plunging by 59.5% year-on-year.

Sales of other services during this period were estimated at VND534.6 trillion (US$23.2 billion), representing 10.6% of the total and decreasing by 4% against the comparable period in 2019.