Retail News CRM

Tag: GSO

  • Vietnam retail revenue reaches $11 billion

    Vietnam retail revenue reaches $11 billion

    Vietnam retail and services revenue rose 10 per cent year-on-year last month to US$15 billion.

    Excluding inflation, the amount marked a yearly increase of 6.7 per cent, says the General Statistics Office (GSO).

    Statistician Vu Manh Ha attributes the growth to stable prices, despite high local consumption in preparation for the Tet holiday and sufficient stocks in supermarkets for the country’s biggest festival.

    Retail accounted for more than three-quarters of total sales, reaching $11.5 billion – up 6.5 per cent from the previous month and 11 per cent more than the same period last year.

    Sectors recording positive growth included food and foodstuffs (up 13 per cent), textile and garments (up 11.5 per cent), transport services (up 11.2 per cent) and home appliances (up 7.8 per cent).

    Accommodation, restaurant and catering services, which made up 11.3 per cent of the total, topped more than $1.64 billion, representing a yearly rise of 3 per cent.

    Localities that did well in accommodation, restaurant and catering sales included Ba Ria-Vung Tau with a 12 per cent rise, Thanh Hoa (8.6 per cent), Kien Giang (7.4 per cent), Hanoi (5.7 per cent) and Da Nang (5.2 per cent). However, there were downturns in several localities, including Quang Binh with a 12.4 per cent drop, and Ho Chi Minh City and Nam Dinh, falling by 5.3 per cent.

  • Inflation erodes Vietnam retail sales rise

    Inflation erodes Vietnam retail sales rise

    Purchasing power is declining despite Vietnam retail sales and services revenue rising 9.1 per cent to VND1430 trillion (US$63.4 billion) in the first five months of this year.

    If inflation is excluded, the amount marks an increase of 7.8 per cent, according to the General Statistics Office (GSO). However, GSO expert Vu Manh Ha says the growth, with inflation excluded, was lower than the 8.2 per cent growth in the same period last year, showing weaker purchasing power.

    Growth was impacted by incidents affecting accommodation, catering and tourism services, as well as the mass fish deaths along Vietnam’s central coast. With the cancellation of beach tours, the spending power of tourism companies in the coastal provinces fell strongly.

    Meanwhile, there was a strong 9.5 per cent growth in the purchasing power of goods retailers in the first five months, amounting to VND1920 trillion and accounting for two-thirds of total retail sales and services revenue.

    Retailers of rice and foodstuffs saw growth of 13.6 per cent; garment retailers, 10.9 per cent; and home appliance retailers, 9.6 per cent.

    Ha says the total retail sales and services revenue next month will increase further because of a high demand for house construction and repairs, and recovering demand for beach tours.

    GSO director Nguyen Bich Lam says purchasing power this year is expected to have a lower growth rate than last year because of stability in prices, high supply and stable demand for most essential goods.

    Because of consumer fears about environmental pollution and food safety, spending is expected to erode for such services as accommodation, catering, tourism and entertainment, says Lam.