4-8-2023 (HANOI) Vietnam’s retail sales and service revenues have increased by 10.4% in the first seven months of this year, according to the General Statistics Office. The total goods retail sales and consumer service revenues have reached more than 3.5 quadrillion Vietnamese dong (US$148.3 billion). Specifically, Vietnam’s goods retail sales stood at nearly 2.8 quadrillion Vietnamese dong ($116.7 billion), up 9%, with the sales of food and foodstuff growing by 12.9% and those of culture and education rising by 10.1%.
In July alone, revenue of retail sales of consumer goods and service totalled 512.2 trillion Vietnamese dong ($21.5 billion), an increase of 7.1% year-on-year. Last year, Vietnam’s total goods retail sales and consumer service revenues increased by 19.8% year-on-year to approximately 5,679.9 trillion Vietnamese dong ($239.7 billion).
Vietnam’s economy has been growing rapidly in recent years, driven by a young and increasingly affluent population, as well as a growing middle class. This has led to a surge in demand for consumer goods and services, particularly in urban areas, where there is a growing number of shopping malls, supermarkets, and restaurants.
Vietnam’s retail sector is also benefiting from the country’s increasing integration into the global economy. The country has signed a number of free trade agreements in recent years, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which have opened up new markets for Vietnamese goods and services.
Despite the positive growth, Vietnam’s retail sector still faces a number of challenges, including stiff competition from foreign retailers, a lack of modern retail infrastructure in rural areas, and the need to improve logistics and supply chain management.
Nevertheless, the continued growth of Vietnam’s retail sector is expected to provide further opportunities for local and foreign investors, as well as boost the country’s overall economic growth.
