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Ho Chi Minh City
Tuesday, June 25, 2024

A slow recovery

By Trinh Hoang

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Total retail revenue of goods and services are slowly recovering, indicating that consumers are still restricting spending amid inflation concerns. Low demand In April, total retail sales slightly increased from the previous months, reaching VND522.1 trillion. This marginal rise is a clear indication that domestic consumer spending remains largely lackluster. Spending on accommodation, dining, and travel improved mildly, primarily driven by a surge in international tourism. In the first quarter of the year, international visitor arrivals rose by a sharp 68.3% compared to the same period last year to 6.2 million. Domestic tourism also grew steadily, with the number of local tourists rising by 6.5% to 40.5 million. Despite these positive signs in the tourism sector, overall domestic spending on these services has not expanded significantly, continuing the trend of sluggish spending that began in late 2023 and persisted through the early months of 2024. Looming inflation hits consumption The first four months of 2024 saw average inflation of 3.93% compared to the same period in 2023, signaling greater economic pressure and dampening consumer spending. In contrast to 2023, where the consumer price index (CPI) benefitted from a significant drop in transport costs during the first half of the year, […]
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