Tourism Boosts Retail Sales and Economic Growth in April in Vietnam
Vietnam's tourism industry emerges as a key driver of economic growth, propelling retail sales to new heights and attracting a surge in international visitors. With impressive gains in consumer spending and tourism revenue, the country positions itself as a vibrant destination amidst a post-pandemic landscape, signaling promising prospects for its economic future.
Vietnam's tourism industry continues to play a pivotal role in driving economic growth, with the latest data released by the General Statistics Office (GSO) on April 29 indicating a notable surge in total retail sales of goods and consumer service revenue, largely attributed to the positive contributions of tourism.
In April 2024, total retail sales of goods and consumer service revenue witnessed a commendable 2% increase compared to the previous month and an impressive 9% surge over the corresponding period last year.
This growth trajectory underscores the pivotal role of tourism in bolstering economic indicators, as highlighted in the GSO's report on the socio-economic landscape for April and the initial four months of the year.
During the first four months of 2024, total retail sales of goods and consumer service revenue soared by 8.5% over the same period in 2023. Of particular note is the exponential growth within the accommodation and food service sector, which saw a remarkable 15.3% increase, while travel and tourism revenue skyrocketed by an astonishing 49.3%.
Specifically, the total retail sales of consumer goods and services in April 2024 are estimated to have reached a staggering USD 20,47 billion, marking a significant 9% surge over the same period last year.
This increase is further delineated across various sectors, with the food group witnessing a robust 10.3% uptick, household appliances and equipment experiencing a notable 12.9% surge, and the garment sector seeing a commendable 12.7% rise.
Moreover, the accommodation and food services segment experienced an impressive 19.1% increase, while travel and tourism witnessed an extraordinary 57.6% surge, underscoring the pivotal role of tourism in driving consumer spending.
The momentum of economic expansion is further evidenced by the substantial growth in retail sales of goods, which reached an estimated USD 62,55 billion in the first four months of 2024, constituting 77.3% of the total retail sales.
Noteworthy is the double-digit growth in various sectors, including a remarkable 11% increase in food and food products, a substantial 14.9% surge in household appliances and equipment, and a commendable 10.3% rise in the garment sector.
Regionally, several localities have showcased robust growth in retail sales, with Quang Ninh, Hai Phong, and Can Tho leading the pack with increases of 9.6%, 9.4%, and 7.8%, respectively, further emphasizing the widespread economic benefits derived from the tourism industry.
The surge in tourism revenue is directly correlated with the influx of international visitors to Vietnam. In April 2024 alone, the country welcomed nearly 1.6 million international tourists, marking an exceptional 58.2% increase compared to the corresponding period last year.
This trend persisted throughout the first four months of the year, with international visitor arrivals surging by a remarkable 68.3% over the same period in 2023, and a notable 3.9% increase over the pre-pandemic levels of 2019.
Consequently, tourism revenue during the first four months of 2024 surged to an estimated USD 760.78 million, constituting 1.0% of the total retail sales and marking a staggering 49.3% increase over the same period last year.
Notably, localities such as Khanh Hoa, Da Nang, and Binh Dinh witnessed exponential growth in tourism revenue, further solidifying the pivotal role of tourism in driving economic prosperity.
The surge in tourism demand has also catalyzed vibrant transport activities, with passenger transport in April 2024 estimated to have reached 403.2 million passengers, marking a 1.3% increase compared to the previous month.
This surge in transport activities underscores the robust consumer spending and tourism demand during the Hung King's Commemoration Day and the April 30-May 1 holiday period.
Looking ahead, with favorable visa policies and effective tourism stimulus programs in place, Vietnam's tourism industry is poised to continue its upward trajectory, further bolstering economic growth and cementing its status as a premier tourist destination in the region.
As the country continues to navigate the post-pandemic landscape, the resilience and dynamism of its tourism sector serve as a beacon of hope and prosperity for the broader economy.
