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Saturday, June 22, 2024

Retail sales surge 8.2% in Q1

The Saigon Times

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HCMC – Vietnam’s retail sales of consumer goods and services in the first quarter of this year soared by 8.2% year-on-year to over VND1,537.6 trillion, said the General Statistics Office.

The surge in retail sales in March, which amounted to VND509.3 trillion, up by 9.2% from the previous year, indicates a rebound in consumer spending following the Lunar New Year (Tet) holiday.

From January to March, retail sales of commodities totaled VND1,190.3 trillion. Key sectors driving this growth include household goods (15%), food (11.8%), and garments (8%). However, the automobile sector experienced a sharp decline of 27.8% year-on-year.

Top performers in terms of growth rates include Quang Ninh, Haiphong, and Long An, recording respective growth of 9.8%, 9.7%, and 9.1%.

Accommodation and catering revenue in the first quarter reached an estimated VND174.8 trillion, a 13.4% increase from the previous year. Leading this growth are Quang Ninh (23.2%), Danang (19.8%), and Haiphong (13.5%).

In response to these positive trends, the General Statistics Office has urged the Ministry of Industry and Trade to expedite measures to ensure the stability of essential goods supply and foster domestic market development. These measures include reviewing and enhancing legal documents governing market prices and effectively ensuring an ample supply of critical commodities to avoid potential price hikes due to shortages.

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