Retail sale of goods and services passes $40.5bln in Jan-Feb

A report from the General Statistics Office of Vietnam (GSO) shows that a surge in demand for goods and services among consumers during the Tet holiday increased sales by 8.5 per cent year-on-year in February.

Sales of consumer goods and services increased 8.1 per cent year-on-year to more than $41.9 billion in January and February, compared to 14.7 per cent in the same period of 2022.

Restaurants and accommodation revenue increased 14 per cent, while revenue from tourism related services rose 35.8 per cent.

The retail sale of consumer goods in the first two months was estimated at $32.3 billion, accounting for 77.4 per cent of total revenue and up 6.8 per cent compared to the same period of 2023.

Sales of food rose 10.8 per cent while household appliances and items increased 18.1 per cent. Revenue from textile products rose 9.8 per cent, while transportation (except for cars) increased just 1.8 per cent.

Revenue in northern Quang Ninh province rose 10 per cent, in northern Hai Phong city 9.3 per cent, in central Da Nang city and southern Dong Nai province 7.2 per cent, and in Ho Chi Minh City 5.9 per cent.

Revenue from restaurants and accommodation in the first two months was estimated at $4.8 billion, accounting for 11.5 per cent of total sales.

Due to the effectiveness of favorable visa policies, tourism stimulus programs, and the efforts of the government, the number of international arrivals to Vietnam in February stood at over 1.5 million, up 1.3 per cent from the previous month and 64.1 per cent against the same period last year.

International arrivals in the first two months reached over 3 million, an increase of 68.7 per cent compared to the same period last year.

Therefore, tourism revenue in the first two months of 2024 was estimated at $365 million, accounting for 0.9 per cent of the total and increasing 35.8 per cent compared to the same period last year.

Tourism revenue in the first two months in some localities increased compared to the same period last year, with Ha Nam increasing by 88 per cent, Da Nang 86.3 per cent, Hanoi 49.8 per cent, Ho Chi Minh City 23 per cent, Quang Ninh 21.5 per cent, Can Tho 9 per cent, and Hai Phong 4 per cent.

Revenue from other services for the first two months is estimated at VND105.9 trillion ($4.3 billion), accounting for 10.2 per cent of total sales and increasing 9.7 per cent compared to the same period last year.