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Wednesday, June 19, 2024

Retail sales bounce back

By Le Hoang

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HCMC – The domestic retail market has bounced back after the Covid pandemic, fetching VND1,777 trillion in total retail sales of consumer goods and services between January and April, up 6.5% year-on-year.

In April alone, the country’s total retail sales amounted to VND455.5 trillion, up 12.1% year-on-year and 3.1% month-on-month, according to data from the General Statistics Office of Vietnam.

During the four-month period, the retail sales of goods grew 7.6% year-on-year. The retail sales of food and foodstuffs saw a year-on-year increase of 13.2%, while many other sectors suffered a decline in retail sales. Retail sales of apparel and home appliances inched down 3.5% and 4.6% year-on-year, respectively.

The Ministry of Industry and Trade attributed the decrease to the residents’ unstable income due to the impact of the pandemic.

Some major retailers said that customers returning to supermarkets are on the rise. During the January-April period, AEON supermarkets saw the number of shoppers rise by 10% against the pre-Covid period.

Furusawa Yasuyuki, general director of AEON Vietnam, said that as Vietnam’s economy rebounds, the retail market would quickly regain its growth momentum.

The prolonged lockdown has changed the shopping habits of customers. The number of shoppers has yet to reach the peak seen before the pandemic, while their shopping frequency has dropped sharply. However, they have purchased more of each item than before the pandemic.

The data also indicated that customers tend to shop online and make non-cash payments.

Vietnam is a potential retail market, having attracted multiple foreign retailers, according to many experts.

In spite of the pandemic, in 2020, Vietnam’s retail sales added over US$11 billion against 2019, at over US$172 billion. Last year, the country’s total retail sales amounted to US$173 billion, up 0.2% year-on-year.

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