Retail sales show steady growth in nine-month period

Vietnam's retail sales of consumer goods and services continued their upward trajectory in September, with total retail sales increasing  by 1.2% compared to the previous month and by 7.6% year-over-year, according to the General Statistics Office.

For the first nine months of 2024, retail sales grew by 8.8% compared to the same period last year. Accommodation and catering services saw a 13.6% increase in revenue, while travel and tourism services experienced a significant rise of 16.7%.

In terms of total revenue, retail sales from January to September reached VND3.6 quadrillion ($146.59 billion), representing a 7.9% year-on-year increase. Excluding price factors, the growth rate was estimated at 5.4%.

The hospitality and catering sector generated VND543 trillion ($21.9 billion) in revenue during the first nine months, up 13.6% from the previous year. Travel and tourism services contributed VND45.6 trillion ($1.84 billion), a 16.7% increase driven by proactive promotional efforts by local authorities.

Other services accounted for VND484.6 trillion ($19.6 billion) in revenue, growing by 9.2% compared to the same period in 2023.

While the overall growth rate of retail sales in 2024 has been positive, it has not yet reached pre-pandemic levels, the General Statistics Office noted. Nevertheless, the scale of retail sales has shown substantial growth compared to the previous two years.