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Monday, December 5, 2022

HCMC’s May retail sales at four-year high

The Saigon Times

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HCMC – May saw HCMC’s retail sales of goods reaching an estimated VND57.8 trillion, up 3.1% month-on-month and 13.8% year-on-year, the highest single-month growth rate since January 2019, the HCMC Department of Industry and Trade told a press briefing on June 9.

The city’s retail sales made a strong rally two years after the Covid pandemic hit the country, the local media reported.

Numerous Covid economic recovery measures aimed at supporting firms, improving the business climate, speeding up digitalization and simplifying administrative procedures drove up the performance of enterprises in HCMC in the first five months of 2022, according to the department.

Between January and May, the city’s retail sales neared VND576 trillion, up 8.1% year-on-year. The retail sales of food and foodstuffs saw a year-on-year increase of 14.2%, while cultural and educational products enjoyed a 14.9% hike in retail sales. The retail sales of wood and construction material, and automobiles expanded 8.5% and 14.3% year-on-year, respectively.

These figures showed trade and service activities in HCMC were bouncing back, said Bui Ta Hoang Vu, director of the department.

During the five-month period, despite abundant goods, residents’ consumption dwindled. Their spending mainly focused on necessities. Rising prices of consumer goods and potential inflation are squeezing consumer wallets.

The spending of residents and firms has yet to become as strong as in the pre-pandemic period, so producers are cutting costs to keep the prices of products unchanged or at low levels, Vu said.

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