01:42 (GMT +7) - Tuesday 23/10/2018

Vietnam Today

Jan-Feb goods and services revenue up 10%

Released at: 08:48, 05/03/2018

Jan-Feb goods and services revenue up 10%

Illustrative image (Source: tuoitrethudo.vn)

Figure at 8.7% excluding inflation, compared to 5.1% in same period of 2017.

by Ngoc Han

Total revenue from retail goods and services stood at VND704 trillion ($30.88 billion) in the first two months of the year, a year-on-year increase of 10.1 per cent.

Excluding inflation, the figure rose 8.7 per cent against the same period last year, according to a report from the General Statistics Office (GSO) and was much higher than the 5.1 per cent year-on-year growth recorded in the first two months of last year.

The week-long Tet holiday in mid-February boosted consumption and demand for travel and entertainment. Retail goods accounted for 76.15 per cent of total revenue, or VND531.98 trillion ($23.36 billion), up 10 per cent year-on-year, the GSO said.

Revenue for three key products - food, garments and home appliances - grew 11-11.8 per cent each and accounted for 50 per cent of the total.

Tourism accounted for 1 per cent of total revenue but saw the highest growth, of 38.42 per cent, due to increased demand for domestic and international travel.

The high consumption of retail goods and services was attributed to positive changes in sales, owing to trade promotions and trade fairs on quality goods before, during and after the Tet holiday

Purchasing power also increased sharply in the first two months in small and mountainous provinces, according to GSO figures. Such provinces include Dak Nong (up 16.79 per cent), Binh Dinh (14.92 per cent), Bac Giang (15.46 per cent), Bac Ninh (15.11 per cent), Quang Ninh (16.79 per cent), Thai Nguyen (16.12 per cent), Lai Chau (16.5 per cent), Dien Bien (16.8 per cent), Lao Cai (15.8 per cent), and Ha Giang (13.28 per cent).

Major cities and provinces with large populations earned high revenue from retail and services but did not see high growth. The only exception was Hanoi, where revenue grew 10.26 per cent.

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